Newton has hired Ami Shah from Wellington Management as it looks to boost its UK equity income team following the departure of Emma Mogford.
Shah was a portfolio manager and research analyst in Wellington’s value team where he helped manage $65bn (£47.5bn) worth of strategies for institutional clients.
Subject to regulatory approval, Shah will become the co-lead manager on the Newton UK Equity Income strategy and the BNY Mellon UK Income fund, on which Mogford was lead manager from November 2017 until last September.
Mogford joined Premier Miton in November to replace Eric Moore on a trio of income funds.
Since her departure the £1.1bn BNY Mellon UK Income fund has been managed by Newton head of equity income Ilga Haubelt (pictured), Jon Bell and Tim Lucas.
Over the last year it has lost investors 9.1% – the same as the IA UK Equity Income average, according to data from Trustnet.
Newton rebuilding UK and global income franchises
Haubelt described Shah as a “key hire for Newton” as the company seeks to grow its UK and global equity income business and capabilities.
Though Newton was once regarded as a household name in the UK retail space, with standout UK and global income propositions, in recent years the BNY Mellon Investment Management subsidiary has “lost its way” and struggled to retain top managers, according to fund selectors.
In addition to Mogford, last year the company lost heavy-hitter Nick Clay, the face of its £10bn global income franchise, and his three-strong team to RWC. In November, top-quartile emerging markets manager Rob Marshall-Lee left for Odey Asset Management.
However, the business has also made a number of hires in the last 12 months, attracting Aberdeen Standard Investments’ Louise Kernohan to manage its UK equity strategies, as well as Axa Framlington duo Paul Birchenough and Ian Smith to replace Marshall-Lee on the global emerging markets and Asian equities strategies.
Since the start of 2020, 13 people have joined its investment team taking the total headcount up to 67.
Earlier this year, Newton announced Aviva Investors boss Euan Munro would become its chief executive at the end of June.
See also: Can Euan Munro restore Newton IM as a household brand?
