Laing replaces Andrew Shard as manager of the £332m Invesco Perpetual US Equity Fund and will also play a role in Invesco Perpetual’s global equity team.
Following his departure from Newton and subject to regulatory approval, his £57m Newton American Fund will be looked after by the parent company BNY Mellon Asset Management.
BNY Mellon intends to appoint one of its specialist boutiques, The Boston Company Asset Management, as investment adviser to the fund and rename it the BNY Mellon American Fund.
A release from the firm said Newton had reviewed the way it wished to conduct future coverage of US equities and as Laing’s fund was the only portfolio it managed in this asset class, it would not be replacing him in his role of director of investment management for North American equities.
Instead the firm’s team of global fund managers will cover US equities in an approach Newton said would be unhindered by the constraints imposed by geographical borders.
A spokesperson from the firm said the impending implementation of the Foreign Account Tax Compliance Act (FATCA) in the US had no bearing on its decision to drop its single US-specific mandate.
Emily Fletcher who has been working alongside Laing for the past year on US equities will now attend Newton’s global equities meetings with a view on North American markets.
