Standard & Poor's is reviewing its A-rating on two of Newton's bond funds as chief executive Helena ...
Standard & Poor's is reviewing its A-rating on two of Newton's bond funds as chief executive Helena Morrissey no longer participates in their management.
Theresa Egan took over management of Newton's £136.8m High Yield Bond fund and its £25.4m European High Yield Bond fund in July 2001, replacing Morrissey, who then became chief executive of Newton Investment Management.
Morrissey initially continued to have a hand in the running of the two funds after her promotion but Newton said she no longer has the time.
'It was a gradual handover process that took quite a few months but more recently Helena has taken a completely hands off approach,' said UK sales director Mark Allpress.
'Helena does still run some individual mandates for us on the bonds side but with the responsibilities she has as CEO, time has become more pressing.'
S&P commonly reviews the ratings of funds after a change in manager. Allpress said there had been no alteration in the way the funds are managed under Egan.
'As far as the funds are concerned, there's no change. We've actually strengthened the team by bringing in two new analysts earlier in the year. Hopefully that will be taken into consideration by S&P,' he said.
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Fine reduced to £60,000
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