View more on these topics

Newton rethinks AMC in bid to bolster distribution

Newton has changed the way it deducts the annual management charge for its £911m income fund to bolster income distribution for shareholders.

From midnight on July 31, the group is to deduct the AMC from the capital of the fund rather than the income generated. The AMC will remain at 1.5 per cent.

Newton income has had a host of managers since Robert Shelton stepped down in 2002. Christopher Metcalfe has been managing the fund since April 2007 and it is top-quartile over three years in the IMA UK all companies sector, having ret-urned 0.9 per cent against an average fall of 17.1 per cent.

Hargreaves Lansdown senior analyst Meera Patel says: “I think Newton is keen to make the change from a treating customers fairly standpoint and it will look to boost income from 2.5 per cent to around 4 per cent.”


HSBC to close HFC Bank

HSBC has revealed that it will be shutting down its sub-prime high street lender, Beneficial Financial.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm