As a result of the departure, it has promoted Nick Clay to lead manager of the fund. Clay has spent 15 years at Newton and is chair of the firm’s equity income group. Before Harries’ departure he was alternate manager on the £4.4bn ($6.7bn, €6.1bn) fund and lead manager of the Irish-domiciled BNY Mellon Global Equity Income Fund, the firm said.
It has also promoted Terry Coles to alternate manager on both the UK and Irish-domiciled funds. Coles, who has 20 years’ industry experience, joined the firm five years ago as an investment manager within the global equities team.
Ian Clark a specialist global research analyst on the Global Equity Income and Real Return strategies, maintains his existing role on the team.
According to Helena Morrissey, Newton CEO, the firm has long incorporated a strong, team-based approach and believes that together Clay, Coles and Clark have “built a strong reputation for excellence within the industry and have consistently proven to be talented investors.”
While the firm said the process and discipline of the fund remains unchanged and will be run according to the same investment philosophy and process, Morrissey added: “We have had to make changes before and the goal is always to improve performance. We have taken this as an opportunity to enhance the stock selection approach within the fund.”
Harries has run the fund since its launch in 2005, and in that time has produced a return of 139.4% according to FE Analytics data .Over the same period the IA Global Equity Income Sector returned 85%. This is, however, the second time Harries has left the firm, the first time was a year spent at Veritas Asset Management between 2004 and 2005. Prior to that he worked at Newton between 1994 and 2004.
