Newton to lose £1bn in RBS move

Newton Investment Management is set to lose almost £1bn in assets under management following plans from Royal Bank of Scotland Group to move the management of its retail funds to Morley from 1 March next year. The NatWest retail funds will continue to be managed by Gartmore and will retain their separate branding. The switch to using Morley's fund management capabilities follows on from the bank's bancassurance tie-up with Morley's parent company CGNU last year. Under the terms of the arrangement, Norwich Union's life and pension products are distributed through the bank's branch netwo...