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Newton prepares to terminate ailing Japan fund

Newton Investment Management will close its Japan fund, after deciding that it is no longer economically viable.

Investors were notified towards the end of January that, as both the onshore and offshore accounts contained less than £4m (£3.8m in December 2010), the fund will close. The date has not been confirmed.

There are no plans for the fund’s assets. Investors have been informed they will be required to remove their holdings from the fund. (article continues below)

The manager of the portfolio, Ewan Markson Brown, has left Newton.

Money Marketing understands Markson Brown is talking to Pimco, although the group declined to comment.

Newton Japan aims to achieve capital growth from a portfolio of predominantly Japanese securities. The fund has maintained a priority weighting in consumer goods since June 2010.

Recent adjustments to the fund reflect an increase of 8.1% in its exposure to the financials sector that came into effect between November and December 2010.

News of the fund closure comes in the wake of bullish statements on Japanese equities by several managers.

Stephen Harker, the co-manager of the GLG Japan CoreAlpha fund, says that Japan is in a different stage of the credit cycle, because large banks in the country spent the past decade becoming increasingly conservative.

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