continued from page 1 'I am now the CEO but there will be a transition period when I will keep an...
continued from page 1
'I am now the CEO but there will be a transition period when I will keep an eye on the funds.'
At the same time, Robert Shelton, director and manager of the Newton Income fund, is taking time off work due to a broken pelvis. John Wood who assists Shelton on the fund will manage the portfolio in his absence. It is not known how long Shelton will be off from the group. However, he has already been in contact with Wood from hospital.
Thompson, until now manager of the Newton Higher Income fund, is on gardening leave until he can start work at New Star. Clive Beagles, manager of Newton Growth, will take on his responsibilities.
Newton has told Investment Week that Thompson will have to serve a full six months gardening leave, meaning he cannot join New Star until January.
This will almost certainly mean New Star will not be able to launch the higher income style offering in the fourth quarter as it had planned.
Richardson is to be replaced by Jeff Munroe, an institutional fund manager at Newton, as CIO. Investment Week 9 July 2001
Latest news and analysis
69% of general population
Fidelity International global economist's outlook
Seven years since fund collapse