Gartmore announced yesterday that management of the fund will now move to Denver-based firm Marsico Capital Management (MCM), with the firm set to take on the sub-advisory role from 29 June 2007.
The US large and multi cap equity specialist also take on the US growth fund as part of an exclusively tie-in with Gartmore.
Forsyth-OBSR believes that although there are similar management styles, MCM, who have never managed any UK mandates, does have a distinct differences in process, namely the higher degree of holdings concentration. Add to that further changes and a possible overhaul of the portfolio and the group feels it would be prudent to remove the rating and meet the firm to learn more about its investment style.
BestInvest head of communications Justin Modray says: “MCM actually has a good track record so while a number may suspend their ratings in the long-term the group is trying to be pro-active so ratings may actually increase.”
A spokesperson for Gartmore was unavailable for comment.