Prior to Clay’s appointment James Harries was lead manager of the Dublin-domiciled fund as well as the onshore Newton Global Higher Income Fund.
He is to stay on as an alternate manager on the offshore fund to provide a degree of continuity with respect to the team and process.
But Morningstar OBSR said it would be placing the fund’s silver rating under review until it had more clarity regarding the extent to which the mandate could change under Clay.
Harries has worked at BNY Mellon boutique Newton since 1995, with a brief interlude at Veritas Asset Management from 2004 to 2005.
He is still lead manager of the Newton Global Higher Income Fund, and the BNY Mellon Global Real Return Fund (both the euro and sterling version).
Clay’s credentials
Meanwhile, Clay joined Newton in 2000 and managed the Newton Managed Fund from 2004. He became alternate manager on this fund in March last year as he “broadened his role to include responsibility for managing Newton’s day to day commercial relationship with BNY Mellon Asset Management”.
Upon this shift he retained investment responsibility for a number of key segregated accounts, according to Newton and during his time at Newton has been part of a team managing 12 funds with a combined value of £900m.
In a statement the fund house said: “Newton is now considered to be the ‘come to house’ for equity income investment strategies. Indeed, the success of the income suite of funds at Newton continues to grow rapidly, with over £7bn in assets under management currently.
“In order to ensure the area is properly resourced, effective immediately, Nick Clay is moving to become the lead manager of the BNY Mellon Global Equity Higher Income Fund and the alternate manager of the Newton Global Higher Income Fund.
“Investors in the BNY Mellon Global Equity Higher Income Fund will continue to benefit from input and investment expertise of James Harries as alternate manager on this Fund. James Harries and Nick Clay will work together to maintain the commonality between the onshore and offshore funds.”
