Fitzsimmons’ resignation as Threadneedle’s head of government bonds was announced yesterday by the company and comes after nearly a decade working there.
Morningstar OBSR has downgraded the fund to a neutral rating, a rating that will also apply to its offshore equivalent, the Threadneedle Target Return Fund.
Both funds previously held a bronze Morningstar OBSR analyst rating, but the expertise of Fitzsimmons was viewed as important to the fund and he follows the departure of previous co-managers Peter Allwright and Stuart Frost in 2010.
Morningstar OBSR said it had noted the ongoing presence of co-manager Matthew Cobon on the fund, but said a neutral rating is a more appropriate reflection of its current revised conviction in the funds’ ability to meet its absolute return objective.
