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Newton Investment Management (Newton), part of BNY Mellon, announced that it is restructuring the Asian and emerging markets teams. Jason Pidcock - the manager of the Newton Asian Income fund - will leave the firm with immediate effect. He will join Jupiter Asset Management following six months gardening leave. Pidcock has managed the Newton Asian Income fund for nearly 10 years.

This income-focused mandate aims to achieve a high and rising income together with long-term capital growth. The fund is built from the bottom-up with a bias towards the more developed economies of Australia, Singapore and Taiwan, whilst being significantly underweight China and South Korea. This geographic tilt relative to the peer group and the benchmark creates a defensive feature that has served the manager well. Containing around 70 holdings, the portfolio is well diversified, and its high proportion of larger companies (c. 85%) adds an additional defensive element to the fund.

The fund has grown in size, becoming more institutionally managed over the past few years. We believe the portfolio is unlikely to change suddenly, which should ensure continuity. Newton hasn’t named the new lead manager, but whoever takes it on is likely to manage it in a similar fashion to how it has been the last few years.

Co-manager Caroline Keen has worked on the fund alongside Pidcock since 2011. She remains with Newton and will continue to co-manage the fund. In the meantime, Rob Marshall-Lee takes command of the combined Asian and emerging markets teams and will oversee management of the fund. All seven members of the combined team remain at Newton: Rob Marshall-Lee, Caroline Keen, Amy Leung, Sophia Whitbread, Naomi Waistell, Zoe Kan and Douglas Reed.

We are lowering the fund’s rating to two stars from four stars, following the lead manager change. This is in line with our standard research process. We will meet the new management team to assess the mandate’s potential in due course.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. This article does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing.