Newton Investment Management has hired Aviva Investors’ former equities chief to manage its UK equity income strategy and the £1.1bn BNY Mellon UK Income Fund.
David Cumming will report to John Porter, Newton’s chief investment officer for equities.
He joined Aviva Investors in 2017, having previously worked at Standard Life Investments alongside Newton’s chief executive officer Euan Munro.
Cumming left Aviva Investors a few months after Munro’s departure, which happened soon after the appointment of Amanda Blanc as chief executive of Aviva.
Former Redington chief executive Mitesh Sheth has also joined Newton Investment Management as chief investment officer of the firm’s multi-asset business. He will have oversight of Newton’s multi-asset and fixed-income teams based in London.
Sheth will replace Curt Custard, who moved back to the US last summer for personal reasons. Custard is now global head of client investment solutions at Newton.
Georgina Cooper has also joined the firm, and will co-manage Newton’s UK equity and sustainable UK opportunities strategies, and the BNY Mellon UK Equity and Sustainable UK Opportunities Funds.
Newton’s head of equity opportunities Charles French, who has been with the firm for 21 years, will be leaving for another role.
French was a co-manager on the BNY Mellon UK Equity and Sustainable UK Opportunities funds, alongside Louise Kernohan, to whom Cooper will report.
He also co-managed the BNY Mellon UK Equity, Sustainable European Opportunities and Global Equity funds.
The UK Equity fund has slightly underperformed the sector in recent years, posting a 16.41 per cent return in the past year, compared with the IA UK All Companies posting a 17.25 per cent return for the same period, according to FE Fundinfo.
The Sustainable UK Opportunities Fund posted a 17.55 per cent return in the past year.
Yuko Takano, a portfolio manager in Newton’s global equity team, is also leaving.
Takano co-managed the BNY Mellon Sustainable Global Equity Fund alongside Paul Markham, and co-managed the BNY Mellon Future Flood Fund alongside French and Bhavin Shah.
Markham will be joined by Nick Pope on the Sustainable Global Equity Fund.
Munro said he was delighted to welcome the three team members.
“Mitesh brings with him a wealth of experience from his 21 years in the industry and will be responsible for further developing our multi-asset proposition to meet clients’ future investment requirements, as well as contributing to our overall purpose, culture and development.
“David is one of the UK’s most experienced and respected UK equity managers, and he brings with him significant experience in an area that is a key strategic focus for our company. I’m also very pleased that we are able to further bolster our capabilities in the UK equity sector with Georgina’s appointment.”
Newton Investment Management is part of BNY Mellon Investment Management.
sally.hickey@ft.com
