Newton said yesterday the current manager of the International Growth Fund, Jon Bell, would be joining the multi-asset team and stepping down from his role as portfolio manager and head of global equities.
Former CIO of the firm Jeff Munroe will take up the mandate and the position of head of global equities, while Simon Pryke will assume CIO position.
The fund previously held an OBSR ‘A rating’ and the rating service said it would continue to meet with Munroe to monitor the fund’s progress.
In the past three calendar years the £1bn Newton International Growth Fund has underperformed its peer average. It has also lagged its benchmark, the MSCI World index.
Munroe is said to have stepped down from CEO and taken on the head of global equities role to focus on generating better long-term performance in the global equities arena.
