Newton Investment Management Limited (Newton), BNY Mellon’s global thematic investment boutique has announced a change to the lead portfolio manager role on two pooled vehicles: Newton Higher Income Fund and Newton Oriental Fund.
Following a strategic review Newton has decided that lead portfolio management roles of its active equity and equity income pooled vehicles are most effective if kept distinct.
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Therefore, in line with the process Newton has adopted for the management of its Global Equity and Emerging Equity pooled vehicles, the company has decided to have separate lead managers on the Newton Higher Income Fund and Newton UK Equity Fund.
As a consequence, Christopher Metcalfe has been appointed as the new lead manager on the Newton Higher Income Fund. Metcalfe, the current manager of the Global Growth & Income Fund for Charities and the Newton Managed Fund has a strong track record of delivering investment performance for clients.
Specifically, Metcalfe has delivered outperformance on the Newton Managed Fund with the Fund producing top quartile returns for investors over 3 years until end of February 2014.
Metcalfe replaces Richard Wilmot who will continue to lead on the Newton UK Equity Fund. Wilmot will remain alternate portfolio manager on the Newton UK Opportunities Fund, with Paul Stephany continuing as the lead manager on this Fund.
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By GlobalDataSimon Pryke, CIO of Newton said, "The Newton Higher Income Fund is now structured as we envisaged following the change to the yield discipline in 2013 and under Christopher’s new leadership on the fund, we believe that it is positioned to perform well. Christopher currently manages a range of portfolios with an income requirement and he has extensive experience in managing UK and global equity portfolios."
Further in line with the refocusing of the investment structure, Caroline Keen has been promoted to lead portfolio manager on the Newton Oriental Fund. Keen has been supporting Jason Pidcock as co fund manager on the Newton Oriental Fund since 2013 and has been an important member of Newton’s Asian equities team since 2009.
Pryke added: "Since joining Newton in 2009, Caroline has become an integral member of our Asian Equities team. We are confident that by promoting Caroline to lead manager of the Newton Oriental Fund, our investors will benefit from her portfolio leadership. Jason Pidcock will be the alternate portfolio manager."
Matt Oomen, head of EMEA Intermediary Distribution at BNY Mellon Investment Management, said: "Newton has developed a strong capability and reputation in equity income and active equity mandate investing, representing close to 50% of its firm-wide assets. The performance of its equity suite has remained strong overall with a positive track record in managing change. We are confident that going forward the Newton Higher Income Fund, the Newton UK Equity Fund and the Newton Oriental Fund will deliver attractive returns over the long term."
