The fund previously held a bronze rating but Morningstar OBSR said it was appropriate to change it until it gauged the impact of his departure.
Rank’s decision to leave was prompted by Aviva Investors’ decision to centralise its US high yield capability in Chicago, as he was based in Des Moines, Iowa.
The ratings agency said several credit analysts have also left over the past year. The graph below shows the fund’s performance versus its sector over the past three years.
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“Morningstar OBSR plans to discuss the changes with Todd Youngberg, who heads Aviva’s high yield capability, in the near future,” it concluded.
Last month Aviva Investors also lost Justin Onuekwusi, the manager of its multi-asset I – V series, after three years with the firm.
Peter Fitzgerald, co-head of multi-manager, and Nick Samouilhan, who was deputy manager, have taken over the running of the range.
