S&P downgrades L&G fund

a total of seven funds have been upgraded in s&P's annual review of the managed funds sectors

Legal & General's Distribution Trust and the Gam Portfolio both suffered downgrades in Standard & Poor's latest review of the various managed sectors. On the Gam offering, listed in the Balanced Managed sector, S&P analyst Glenn Meyer said that despite increasing team numbers, he is concerned experienced resources are being diverted from the long only side to the hedge fund business over time. He added that corporate issues limit the extent of the input from the longstanding co-manager David Smith. "These concerns, plus the unexciting recent performance, lead us to reduce the rating one ...