Bestinvest backs Gars in face of Munro exit

Bestinvest has retained its top rating for the Standard Life Investments’ Global Absolute Return Strategies (Gars) fund in spite of the departure of multi-asset head Euan Munro.

Mr Munro’s imminent exit to join Aviva Investors as chief executive had sparked many brokers to put their rating of the fund under review, while Hargreaves Lansdown removed the fund from its Wealth 150 list of recommended funds.

But Bestinvest said today it was keeping its five-star rating on the fund.

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Jason Hollands, managing director of business development & communications at Bestinvest, said: “Gars is in effect an umbrella for around 30 underlying strategies and has never been managed by one individual but by a team comprising of 31 investment professionals.”

“While Guy Stern, a senior member of the team, has been appointed to head up the fund, we do not expect this to make any material change to the investment process or future performance of the fund.

“In view of the depth of resource, team approach and continuity of processes our view on the fund remains unchanged.”