View more on these topics

Sun sets on Newton

Newton Investment Management has announced that Asian equity fund manager Ezra Sun is to leave only a month after star fund manager Clive Beagles departed.

The fund house insists the two departures are unrelated but IFAs have expressed concern about the timing. However, they say Newton can justifiably claim that Sun&#39s loss is less of a blow because of the team investment process it employs.

Newton&#39s Asian equity team runs four funds totalling £600m. Sun joined in 1995 when he began his career in fund management.

In the case of Beagles, who managed Newton&#39s flagship high-income fund before he left to join Jo Hambro Capital in April, there was a ready-made substitute in Tineke Frikkee.

But there is not such an obvious replacement for Sun. He will be staying at Newton until the end of July. Chief investment officer Jeff Munroe, currently Sun&#39s alternate manager, will then take over until a replacement is found.

Munroe says: “It is always disappointing to lose colleagues. I think in Ezra&#39s case, it was time for him to make a change. Saying that, we are not a star-based culture and we have got a broad-based team business.”

Chelsea Financial Services managing director Darius McDermott says: “Both these funds were on our number-one buy list. We are certainly happy with the high-income fund. As for the Asian fund, we have put it on hold until we see who replaces Ezra.”

Recommended

Octopus carried on VCT wave

OCTOPUS ASSET MANAGEMENT ECLIPSE Type: Venture capital trust Aim: Growth and income by investing in unquoted and Aim-listed companies Minimum investment: Lump sum £3,000 Closing date: September 30, 2004 Charges: Initial 5%, annual 2.25% Commission: Initial 2.25%, renewal 0.375% Tel: 0800 619 7977 The Eclipse venture capital trust (VCT) from Octopus Asset Management invests in […]

1st Software revamps to aid advisers

Technology provider 1st Software is expanding its services to help IFAs develop their businesses post-depolarisation. 1st Software is rebranding as First as part of a change in direction for the firm. It will now offer IFAs business consultancy and time management services under the slogan “create time for advice”. Executive chairman Rory Curran is writing […]

Consumer watchdog calls on FSA to look at CitiSolutions

The Consumers&#39 Association is urging the FSA to investigate Citigroup&#39s UK home-service business ahead of mortgage regulation in October. CA principal researcher Teresa Fritz says it is extremely concerned that consumers may be offered unsuitable life and mortgage products by agents with minimal training from CitiSolutions, the home-service division of Citigroup&#39s UK financial arm. CitiSolutions […]

&#39Complaints charge for consumers needs act of Parliament&#39

The Financial Ombudsman Service is very unlikely to charge consumers for lodging complaints because such a policy change would require an act of Parliament, the Money Marketing IFA round table heard last week. FSA managing director David Kenmir said that while he understood IFA concerns at the way that consumers are encouraged to complain, he […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com