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Ignis fund loses A rating

OBSR Fund Ratings has reviewed a series of bond funds, resulting in the withdrawal of the A rating from the Ignis Corporate Bond fund.

Joe McKenna, the fund’s former manager, left Ignis in December when 36 jobs at the group were made redundant.

At the time, OBSR suspended the rating, but now says in a release that the fund is “considered to be less compelling than others that they cover”. Therefore it has chosen to withdraw the rating.

Elsewhere, Cazenove, Investec and L&G Investment Management (LGIM) were awarded new A ratings.

Cazenove’s Strategic Bond fund, managed by Peter Harvey, was rated because OBSR “believe this to be a solid proposition for investors seeking broad, flexible exposure to European credit markets”. John Stopford, on the Investec Sterling Bond fund, was credited for good returns since the mandate was amended to include derivatives.

OBSR also says the skills and experience of Richard Hodges, the manager of the Legal & General Dynamic Bond Trust, combined with the resources available at LGIM makes this fund an “attractive strategic bond proposition”.

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