Morningstar OBSR places Pioneer fund under review

Morningstar OBSR has moved the Pioneer Investments’ Mid Cap Value fund from a silver rating to “under review” after a change in management.

Portfolio manager Rod Wright has stepped down from managing the fund, which he co-managed with Tim Horan. Ned Shadek replaces Wright.

The ratings agency says: “Although Morningstar OBSR acknowledges there is an element of stability with Mr Horan continuing as co-manager on the fund, Morningstar OBSR needs time to assess the new management team and the impact they will have on the fund.”