Following the announcement by Cazenove Capital that Chris Rice, head of pan-European equities, is to step down as fund manager of the Cazenove European Fund, we have placed the fund’s Rating Under Review. The fund previously held a Morningstar OBSR Analyst Rating™ of Silver. Steve Cordell, whose work alongside Mr Rice dates back to 1998, has taken charge of the fund. The managers follow the same investment approach which they have applied together over a number of challenging markets. We believe their collective work provides an element of continuity for investors in this fund and we draw comfort from Mr Cordell’s excellent track record at his pan-European fund. That said, we will meet with Mr Cordell in the coming weeks to assess the wider implications of Mr Rice’s departure.
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