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's loss is less of a blow because of the team investment process it employs.
Newton's 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's 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's alternate manager, will then take over until a replacement is found.
Munroe says: “It is always disappointing to lose colleagues. I think in Ezra's 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.”