The fund previously had an ‘A rating’ from OBSR but due to the change of circumstances will have its rating put on hold.
Interim responsibility for the fund has been handed to Mike McNaught-Davis who is head of international equities at Scottish Widows Investment Partnership.
McNaught-Davis has been with SWIP since 2008 and was made head of international equities in May 2010.
Prior to joining SWIP he was at Martin Currie, where he worked for six years on both the global and Japanese desks.
In its statement, OBSR pointed out the European equities team at SWIP is well resourced and said the fund would continue to be managed according to the long-term processes used previously.
SWIP confirmed McNaught-Davis would be lead manager and said he was already co-manager on the fund.
A spokesperson for the firm said the 23-strong equities team would also support the fund’s management and help ensure continuity of fund performance and service to investors.
