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Stewart Cowley to leave Newton for Old Mutual

Stewart Cowley is leaving Newton Investment Management’s fixed-income desk to join Old Mutual Asset Management.

Cowley captains Newton’s global fixed-income team and is charged with the management of the Newton international bond fund and BNY Mellon global bond fund.

Cowley’s number two Paul Brain, who already manages the Newton global dynamics fund and the Newton strategic corporate bond fund will take up the reins in his place as investment leader for the fixed income team.

Newton’s credit analysts will also have an additional reporting line into Simon Pryke, investment leader for the global equity research team to streamline collaboration with the firm’s equity analysts.

Cowley will join OMAM in the first half of 2009 as head of fixed Interest and macro, responsible for strengthening fixed interest capability, products and performance.

Newton CIO Jeff Munroe says: “Events of the past year have clarified the importance of conducting holistic company analysis and we are confident that the changes announced here will enhance both Newton’s credit and equity research process.

“We are delighted that Paul Brain will assume the management of the global bond portfolios and wish Stewart all the best as he embarks on the next stage of his career.”


Will all roads lead to Omo?

The Personal Accounts Delivery Authority’s consultation paper on how it will handle the decumulation process seems to favour the open market option for account holders. Commentators say if Omo is likely to be the default option for personal accounts, this could pave the way for it to become the default for all schemes.

Heart of darkness

New Star’s problems intensified last week when Jamie Allsopp’s Heart of Africa fund was temporarily suspended from trading.

Assureweb accounts

In last week’s edition of Money Marketing, we stated that Assureweb’s accounts were three months late. This is not the case. All accounts and returns are appropriately filed at Companies House.


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