Fund Management
UK's Newton Investment Management Launches Charity Fund
Newton Investment Management, part of the BNY Mellon group, has launched the Newton Growth and Income Fund for Charities, a sub-fund of the UK umbrella unit trust, BNY Mellon Charities Funds.
London-based Newton
Investment Management, part of the BNY Mellon group, has
launched the Newton Growth and Income Fund for Charities, a
sub-fund of the UK umbrella unit trust, BNY Mellon Charities
Funds.
The new fund will be regulated by the Financial Conduct Authority
and was authorised as a non-UCITS retail scheme on 31 January
2014, with a target launch date of 9 May, BNY Mellon said in a
statement.
Christopher Metcalfe, of Newton’s global multi-asset investment
team, will manage the fund. Metcalfe has over 25 years of
investment experience, with nearly 10 years at Newton managing
multi-asset mandates for charity and pension fund clients.
The Newton Growth and Income Fund for Charities aims to maximise
returns through a global portfolio primarily comprising equity
and fixed interest securities. The fund will be managed in the
same way as the existing Global Growth and Income Fund for
Charities, a common investment fund regulated by the Charity
Commission, which will be closed, with unitholders being offered
an opportunity to exchange their units for those of the new
fund.
Newton said that the fund is restricted to UK charity investors
and makes no direct investment in companies that derive more than
10 per cent of turnover from tobacco production.
It is benchmarked against the FTSE All Share Index, the FTSE
World ex UK (£) Index, the FTA British Government All Stocks
Index, and the seven day London Interbank Lending Rate.
“The Newton Growth and Income Fund for Charities is designed to
build upon the legacy of its predecessor, providing a smooth
transition into the new regulatory environment while retaining
key features and aims. Our charity-specific funds reflect our
commitment to providing the right solutions for our current and
prospective clients,” said Alan Goodwin, head of charity and
institutional account management at Newton.
