Richard Wilmot has been named the new lead manager of the £2.2bn Newton Higher Income fund, previously managed by Tineke Frikkee.
The group said it is in discussions with Frikkee (pictured) about her role at the firm. Newton will also broaden the buy and sell discipline of the fund from buying at 115% of market yield and selling at the market yield, to buying at 75% of the market yield and selling at 50% of the market yield. It will reduce the yield on the portfolio over the next 18 months with the aim of meeting at least a 10% premium per annum to the FTSE All Share yield over rolling three-year periods. The group said the changes will enable the dividend to grow over the long term and provide an attractive ...
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