OBSR suspends 'A' rating on Aviva Convertibles fund

OBSR has suspended its 'A' rating for Aviva Investors' $1.9bn Global Convertibles fund following the news manager Tom Wills is leaving.

Aviva says co-managers David Clott and Shawn Mato will continue running the fund when Wills leaves.

OBSR says it "plans to speak to them in the near future to discuss their plans for the fund going forward".

Adrian Jarvis, Aviva's global strategy director, says: "Clott and Mato have over 30 years' industry experience between them.

"We expect a seamless transition due to the team's collective investment process, which has been employed over a number years."

The fund made 52.4% since launching in 2002, including 28.7% in 2009 after it lost 28.3% the year before.

Its managers say this year "the convertibles market is much more balanced and deep than it was a year ago".

"We also observe a wide divergence of popular opinion as to what equity and credit markets will bring in 2010, and it is this very uncertainty that makes convertibles the traditional asset of choice for volatile markets."