Newton is to launch a special situations type vehicle, UK Opportunities Fund, in January 2002, pendi...
Newton is to launch a special situations type vehicle, UK Opportunities Fund, in January 2002, pending FSA approval.
The fund will have a focused portfolio of around 50 holdings and will be run with a relatively high tracking error. While a UK fund, the portfolio will have the flexibility to invest a proportion of the money overseas.
UK Opportunities is to be managed by John Wood, who had been running Robert Shelton's Higher Income fund in his absence due to an injury. Shelton, who is now back at Newton, will also be an alternative on the UK Opportunities portfolio. In the three months to 24 October, the Higher Income portfolio fell 9.3% bid to bid. Over the year, the AA-rated portfolio has returned 20.6% offer to bid with net income reinvested, ranking it 14 out of 81 in the UK Equity Income sector.
Newton has said Simon Wombwell, marketing director at Newton, is to become the head of UK distribution at Mellon Global Investors. For the moment, he will retain his marketing capabilities until a new person is appointed, which may be from outside the group. The aim is to have a more client-facing management for which Wombwell will take responsibility.
Lasting power of attorney
Three risk profiles
Caused by falling oil price
Roger Marsden takes over on interim basis
Will face 'appropriate action'