Old Broad Street Research (OBSR) has withdrawn the AA rating previously held by the Schroder UK Mid 250 fund and removed it from the service.

The fund rating agency took action as it aligned its fund ratings with those of Morningstar UK, which bought OBSR last year.

In a statement, the rating agency claimed the fund had 'failed to deliver to its performance objective for an extended period of time' despite a reasonable long-term track record.

It revealed the 'persistence of underperformance in recent years through a variety of market conditions' had undermined its conviction in the fund.

The move was among number of other actions in its latest review of funds. It has also suspended the rating of the Legal & General High Income fund, as manager David North takes extended sick leave. The fund will be managed by Claire McGuckin in the interim.

The A-rating of the Axa Global High Income fund has been suspended after the departure of Hannah Strasser, Anne Yobage and Tom Kelleher from its US high yield team.

Although Axa has promoted Robert Schumacher as head of US fixed income to replace with Carl Whitbeck remaining as manager of the US portion of the portfolio, it will meet with the fund management team to discuss changes.

The rating agency has also removed the Franklin Templeton Franklin US Equity fund from the service, as 'the manager has been unable to deliver sustained outperformance of the benchmark'.

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