fidelity £608m moneybuilder and £658m wealthbuilder funds downgraded from aaa to aa
Two AAA-rated Fidelity funds have been downgraded in Standard & Poor's latest review of the Managed funds sector. The group's £608m MoneyBuilder Global and £658m Wealthbuilder portfolios have both lost their AAA ratings over concerns that manager Richard Skelt has taken on too much additional responsibility. With the Fidelity funds downgraded to AA, there is now only one AAA-rated fund in the agency's Managed sector, Merrill Lynch's Global Allocation portfolio. Meanwhile, funds of funds from Jupiter and Credit Suisse have been upgraded to AA status, and recently launched distribution fu...
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