Previously the fund held a Morningstar OBSR analyst rating of bronze but the change of lead manager as well as the focus of the fund has led the ratings agency to put it under review.
Sonal Tanna will become the lead manager of the Turkey Equity Fund, while Oleg Biryulyov who has managed the European Convergence Equity Fund since March 2005 will be the backup manager.
Tanna has been backup manager on the convergence fund since 2007 and has been covering Turkish equities for some time.
She also co-manages a number of funds including the JPM Emerging EMEA and Emerging Middle East Equity Funds.
But Morningstar OBSR pointed out this will be her first time as lead manager on a single-country fund, which will present a new set of challenges.
In addition, although Turkey accounted for over a third of the convergence fund over the past few years, the opportunity set has now substantially changed.
Morningstar OBSR said it would meet with Tanna over the next few weeks to discuss the fund changes.
