Newton global equity income fund manager James Harries has quit the firm to join Troy Asset Management in a global strategy role.
Harries will join the independent fund manager in the new year and will help to manage Troy’s balanced funds range.
At Newton Nick Clay, the current lead manager of the BNY Mellon Global Equity Higher Income fund, will take over the leadership of Harries’ UK-domiciled £4.4bn Newton Global Income fund.
Harries had already handed over the lead management of the offshore £2.8bn BNY Mellon Global Equity Higher Income fund to Clay in 2012.
Clay has also been the alternate manager of the Newton Global Income fund as well as lead manager of the Irish-domiciled BNY Mellon Global Equity Income fund.
He will work alongside Terry Coles, global equities investment manager, as well as Ian Clark, current specialist global research analyst on the Global Equity Income and Real Return strategies.
Newton chief executive officer Helena Morrissey says: “Newton has long incorporated a strong team-based approach. We believe that Nick, Terry and Ian have built a strong reputation for excellence within the industry and have consistently proven to be talented investors.
“As a company, we are committed to further growth in our income-focused strategies; Nick is well-placed to lead the strategy, and he and the team will be integral to this evolution.”
Troy chief executive Sebastian Lyon says: “Troy has been looking to add to our group of fund managers for some time, with a particular emphasis on global equities. We are delighted that James has decided to join Troy. We have known James for many years and his investment approach and style is very similar to our own.”
Harries’ departure from Newton follows that of Jason Pidcock in May this year, who moved to manage Jupiter’s Asian income fund.
AXA Wealth head of investing Adrian Lowcock says “a second high-profile departure” from Newton “will no doubt get the speculators excited”.
He says: “It is important investors focus on the facts, James’ main role was on the long term economic outlook with the fund following Newton’s in-house thematic approach. Given this is a long term, fairly cautious fund and Nick Clay is taking over the reins I expect little will change in the short term.
“However, given the funds large size, there is the potential to see similar levels of redemptions to when Jason Pidcock stepped down from managing the Newton Asian Income fund.”