Standard & Poor’s Fund Services today moved the rating on the Principal Global Strategic Income fund from Four Stars to ‘On Hold’ following the departure of Australian based co-portfolio manager Robert da Silva.
Mr da Silva is replaced by Bill Armstrong who joins Jon Taylor and Tina Paris, in the team of three responsible for the management of the fund.
“We will review the ‘On Hold’ status of the fund when we meet with the fund manager in early December, as part of our yearly review of the Global Fixed Interest peer group,” said David Erdonmez, analyst at S&P Fund Services.
