Ratings house Standard & Poor's Fund Services has applied a four-star "new" rating to the BT Global Fixed Interest Wholesale Fund, managed by BT Investment Management.
The new rating followings the insourcing of management of the strategy, which had previously been outsourced to BlackRock Investment Management and rated three stars.
Explaining the changes, S&P said that under the former BlackRock management the offering differed considerably in both management style and product features.
"From a product perspective, the key difference was the index used to benchmark the BlackRock fund, which was the Barclays Global Aggregate Index," S&P fund analyst David Erdonmez said.
"BTIM's offering uses a government-only bond index. Investors should be aware of this change and seek financial advice regarding the risk and return implications for their fixed-income allocation," he said.
