Square Mile downgrades three M&G funds in latest ratings reshuffle

Jupiter Distribution fund rating also dropped

Square Mile Investment Consulting and Research has removed its rating on the Jupiter Distribution fund, which had been suspended in December 2020 on news that Alastair Gunn was leaving Jupiter and it would be managed by the multi-asset team, headed by Talib Sheikh.

"Following an update with the multi-asset team, Square Mile's analysts believe is very likely that the fund will be run in a different style and approach than it was previously," the firm said. "Although Square Mile thinks Jupiter's plans for the fund are sensible, they are unlikely to be completed before Q3 2021 and so believes the most appropriate action at present is to remove the rating and monitor the fund's progress." The three M&G funds downgraded from AA to A are Optimal Income, Corporate Bond and Strategic Corporate Bond funds, which despite having flexible all-weather strate...