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Newton income specialist heads UK push for Dalton

Dalton Strategic Partnership has recruited Newton income manager Glen Pratt and First State head of retail sales Richard Jones to spearhead a thrust into the UK retail market.

Pratt has been lead mana- ger on Newton’s 1.1bn flagship income fund since October 2003, taking over from John Wood, who subsequently moved to JO Hambro Capital Management last July. He joined Newton in January 2003, having run Fidelity’s UK aggressive fund from 1998 to 2002.

DSP says it plans a UK equity fund launch for Pratt in the second quarter of 2006, with a high-conviction approach.

DSP was set up as a global investment boutique in 2002 by former Mercury Asset Management guru Andrew Dalton. The firm grew its assets under management by over 300 per cent last year from 570m to 1.9bn and its Melchior Japan opportunities fund run by Ken Nishizawa was the best-performing fund of 2005, returning 87.99 per cent.

Newton has named Nick Clay and Rob Marshall-Lee as the new joint managers of the income fund. Richard Wilmot takes over as manager of the growth fund, which Pratt also ran.

First State is replacing Jones with head of marketing and communications Chris Crawford until a permanent replacement is found.

DSP partner Magnus Spence says: “We are keen to broaden our appeal to the UK retail investor, having previously concentrated on the institutional and high-net-worth markets.”

Credit Suisse head of multi-manager Gary Potter says: “Newton’s UK business is undergoing a process of change. Pratt and before him John Wood were young guys that Newton may have pinned its hopes on and it will now need to regroup. DSP has aspirations to make a mark on the UK retail scene and it is clearly driving forward.”

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