Imran Sattar will become sole manager of the fund, which led Square Mile analysts to remove the rating due to a "material" change in structure.
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They said: "The combination of three portfolio managers formed an attractive blended style of management which [we] believe will be lost with this restructuring. Square Mile acknowledges that Mr Sattar is an experienced and capable portfolio manager, but his appointment as sole manager fundamentally changes the nature and potential investor outcome of this fund."
The Fidelity Multi-Asset Income fund has had its A rating suspended for a similar reason, as lead manager Eugene Philalithis retires in March 2024.
Square Mile analysts acknowledged the continuity in management of the fund, as George Efstathopoulos and Becky Qin will continue running the fund supported by the wider multi-asset team, but they said it is "prudent" to assess the strategy's evolution under the leadership of incoming manager Talib Sheikh.
AXA has retained an A rating for its Framlington Global Sustainable Managed fund, despite the departure of Mark Healy, who was responsible for fixed income allocation, alongside Nick Hayes.
Square Mile analysts noted the strategy has a "structurally low exposure to fixed income" and the mandate on this portion of the portfolio is "relatively inflexible". With Hayes, Jamie Forbes-Wilson and David Shaw remaining to run the strategy, Square Mile said it does not foresee any "significant impact on the fund".
The Academy of Funds also upgraded two funds' ratings to A.
The LF Havelock Global Select fund had a positive prospect rating, which has been updated due to its consistent outperformance its benchmark - the MSCI Enhanced Value index - over the last five years.
Square Mile also noted the rise in assets under management for fund house Havelock London, which "now generates profits on a monthly basis".
Analysts added manager Matthew Beddall's approach, based on data with a qualitative overlay, is "sensible" and noted the strategy is suitable for long-term investors looking for global value stock exposure.
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Similarly, the CT UK Social Bond fund was upgraded from a responsible positive prospect to a responsible A rating, thanks to its ability to deliver consistent returns and positive social outcomes, which has continued since Tammie Tang took over the leadership of the fund in May 2022, replacing Simon Bond at retirement.
"Square Mile's analysts believe that her sensible approach to managing money and desire to invest in social projects, with the support of an enlarged social impact investing team, ensures continuity to this successful impact strategy."
At the same time, Square Mile's Academy of Funds has awarded four new ratings.
The BlackRock MyMap range was given a recommended rating, as the four funds within the suite provide a "robust option for investors looking for a low-cost solution, offering a diversified exposure to global investment markets".
TM Redwheel Global Equity Income was awarded an A rating due to a "good performance track record", while Square Mile analysts also praised managers Nick Clay and Andrew MacKirdy's "robust record" while at BNY Mellon.
They also highlighted the strategy's ability to exhibit "consistent resilience" in market drawdowns, due to its defensive nature, although analysts said they expect it to underperform when the market is driven by growth factors, or dominated by stocks placing less importance on dividends.
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The Lindsell Train North American Equity fund was given a positive prospect rating. The fund is the newest launch from the company and is managed by James Bullock and Madeline Wright.
Square Mile highlighted it follows the same philosophy and process of investing in high quality companies as the other Lindsell Train strategies, noting it could "appeal to investors seeking a focus on quality within their North American equity exposure".
Lastly, the Lord Abbett Climate Focused Bond fund joined the Academy of Funds with a responsible positive prospect rating, thanks to its "well-structured sustainability process" and a "strong fixed income team".
Analysts said the fund can be attractive to investors looking for exposure to a global, core fixed income strategy, targeting "positive environmental outcomes".
"For the fund to achieve a full rating, the analysts would like to see a larger, more diversified, investor base, alongside the continued delivery of solid financial and impact outcomes," Square Mile said.