Ratings agency demotes fund

Forsyth OBSR, a ratings agency, has removed the AA rating awarded to the Framlington UK Growth fund and withdrawn the fund from its service. The move follows the departure of manager Chris Murphy to Morley Fund Management. Forsyth says it has done this while Framlington seeks to appoint a full-time successor. Nigel Thomas, manager of Framlington’s UK Select Opportunities fund, has been appointed caretaker manager. Murphy will join Morley in the summer.