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OBSR withdraws Ignis Corporate Bond fund
Old Broad Street Research (OBSR) has withdrawn the suspended A rating from the Ignis Corporate Bond fund and removed it from its service.
The rating on the fund was suspended in December following the departure of Joe McKenna, chief investment office for fixed income, from the company.
The fund managers are now Chris Bowie, head of credit, and Adam Walker, both of whom were previously involved in managing the fund.
OBSR said the fund continues to be a "competent proposition" but following a sector review it considers the fund to be less compelling than others and has therefore chosen to remove the rating.
At the same time, it has also given new ratings to the Cazenove Strategic Bond, Investec Sterling Bond and Legal & General Dynamic Bond Trust.
The Cazenove Strategic Bond fund has been added to the OBSR service with an A rating on the basis that the fund manager seeks to control risk and enhance returns through the use of derivatives to manage duration and credit exposure.
OBSR said: "We believe this to be a solid proposition for investors seeking broad, flexible exposure to European credit markets."
The Investec Sterling Bond fund has also been added to the rating service and given an A rating.
The fund is managed by John Stopford, co-head of fixed income, together with Harsha Patel, who is a member of the corporate credit team.
OBSR said: "Under John Stopford’s guidance, the fund has delivered relatively good returns since its mandate was altered to include derivatives for investment purposes in October 2006."
Meanwhile, the Legal & General Dynamic Bond trust has also been added to the services and given an A rating.
OBSR added: "The fund is an actively managed, flexible and long-term total return bond fund that uses an unconstrained global asset allocation approach.
"OBSR believes that the manager’s skills and experience combined with LGIM’s resources renders this an attractive strategic bond proposition."
