Fund rater Forsyth-OBSR has suspended its A rating on AXA Framlington’s biotech fund and the AA rating on the AXA Framlington health fund following the resignation of Gareth Powell. This is despite AXA’s appointment of Gemma Game as a healthcare fund manager: she will join from Blackrock to work with Deane Donnigan and Anthony Milford with a view to taking over at the offshore AXA WF Framlington health fund. Forsyth-OBSR said: “Despite this planned addition to the team, we feel it prudent to suspend both ratings given the fact that Powell, in addition to being the lead manager of the biotech portfolio, also had substantial input on the generation of investment ideas for the health fund. Whilst Deane Donnigan is the lead manager on the health fund and has extensive experience, we would like to take some time to assess the potential impact on the portfolio from Powell’s departure, as well as see the team dynamics settle into place when Gemma Game joins. We are mindful of several key changes to the sector teams at AXA Framlington in recent times thus place significant emphasis on structure and day to day interaction of the team when considering the confidence levels needed for a ratings”.