Ratings agency Morningstar has downgraded its rating on the Schroder UK Equity fund from Superior to Standard.

The company said the rating reduction was because it was the first time that the incoming management team had ‘run money’ together.

Tom Whitelaw, fund analyst at Morningstar, said that while the analyst input is unchanged, the new managers need to develop their partnership before confidence will increase in the fund.

Robin Stoakley, managing director of UK Intermediary at Schroders said, 'At Schroders, we have a very strong UK Equities team and I’m delighted that Errol Francis and Ed Meier have taken over responsibility of the Schroder UK Equity Fund.

'Since joining the company, Errol has done a fantastic job working alongside Richard Buxton, and as co-mangers, Errol and Ed both bring a combination of experience and dynamic talent to the management of this fund.

'However, it us perfectly understandable that Morningstar wish to see how Errol and Ed work together before restoring the ‘superior’ rating.'