OBSR drops Fidelity Global Special Situations from ratings service

The ratings provider acknowledged Jorma Korhonen, manager of the Fidelity fund, has a contrarian style which can result in performance volatility.

But it added "the scale of underperformance" under his management since January 2007 had caused its "conviction to wane", thus dropping the fund, which was A rated, from the service.

OBSR has also dumped Colin McLean and Donald Robertson's SVM fund, which previously held an AA rating, on the view it would not be able to achieve its performance targets.

A statement from OBSR said: "The events of 2008 proved to be particularly challenging for many of the specialist investment vehicles typically favoured by the managers and this has impacted on both the long-term performance record and the risk profile of the fund.

"The managers aim to achieve above-average capital growth over the medium to long term and outperform the FTSE World index."

It continued: "Given changes in the investment landscape for their universe of investments since 2008, OBSR no longer has conviction in their ability to achieve this.

"Consequently OBSR believes the fund no longer merits inclusion in the service."

Elsewhere, the £478.5m Baring Europe Select fund manager by Nick Williams has been upgraded from an A to AA on OBSR's conviction about the manager's "ability to generate attractive relative returns for investors over the medium term because of his rigorous bottom-up fundamental research".

But the company's £117m European Growth fund, run by James Buckley, lost its AA rating and has been downgraded to an A.

Meanwhile, Henderson Global Investors' £311m Emerging Markets Opportunities and $196m (£120m) Global Focus funds have been reduced to an A rating from AA.

Emerging Markets Opportunities, run by Chris Palmer, has had "disappointing" performance relative to the index and its peers, OBSR said, adding team changes have impacted upon the Asian component of the portfolio.

OBSR added Global Focus, run by Neil Rogan, had also had a "disappointing" return profile over recent years, compared to the index and peers.

Henderson wins consent for Soho scheme | Online | Property Week

On behalf of its £700m Central London Office Fund 1, the fund manager has been granted consent to develop 81,000 sq ft of offices, three shops and six apartments on Great Marlborough Street,

The scheme includes the development of two new buildings on Great Marlborough Street and the refurbishment of two buildings fronting onto Poland Street.

The designs, by Eric Parry Architects, also include a new public courtyard.

Nick Deacon, fund manager for the Central London Office Fund at Henderson, said: “Soho remains a highly desirable location and a market we are particularly positive about.

“We are confident of attracting a high calibre of occupier to the scheme. We aim to deliver the scheme into the market during late 2013 or early 2014 at a time when we believe there will be little competing Grade A supply.

Sustainable banking, the greening of finance

Public information and consultation, welcome to the St James Quarter

The Global-Investor Book of Investing Rules, Invaluable Advice from 150 Master Investors

The ecologist

Resurgence