Newton appoints lead manager of Asian income fund
Newton Investment Management, part of BNY Mellon, has appointed portfolio manager Zoe Kan as lead manager of Newton’s Asian Income Fund.
Kan, who has been at Newton for 15 years, has been involved in the management of the Asian income fund since its inception in 2005.
In May 2015, Newton took the decision to combine its emerging-market and Asian equity investment teams under the leadership of Rob Marshall-Lee, and adopted a team-based approach to managing the Asian Income Fund.
Adopting this approach has yielded strong results for investors on a relative basis, with the fund outperforming its comparative index, on a gross-of-fees basis, by 12.5% (+1.7% versus -10.9%) over the 12 months to 31 May 2016. It currently yields 4.34% versus the comparative index yield of 3.29%.
Kan has taken the lead on managing the fund on a day-to-day basis, and Newton has now announced Kan as the named lead manager. In line with the approach taken by Newton with its other managed funds, it is also confirming that Marshall-Lee will be named as the alternate manager on the fund.
“We have been very pleased with the performance of the Newton Asian Income Fund over the last 12 months, and this is due to the experience and skill of the Newton Emerging and Asian equity team under the leadership of Rob Marshall-Lee. Newton’s philosophy and process runs through all of the funds it manages, but we recognise that advisers and their clients like to have a named manager on the funds they invest in,” said Fergus McCarthy, head of UK and Ireland Intermediary Distribution at BNY Mellon Investment Management.
“It is common across Newton’s fund range to have a named lead and alternate manager, and it is now the right time to confirm the lead and alternate manager on the Asian Income Fund,” McCarthy said.
“Additionally with Rob having had a good opportunity to review the best way for the team to continue to deliver strong investment performance, it has been decided to combine the strength of the team-based approach with the visibility of a named lead manager on the fund. We are delighted with the performance turnaround Rob, Zoe and the team have achieved over the past 12 months,” McCarthy said.
Newton has assets under management of £48.3bn as at 31 March 2016.