Newton replaces Wilmot on struggling Higher Income fund

Newton has replaced Richard Wilmot on its struggling £2bn Higher Income fund.

Wilmot, who also manages Newton's UK Opportunities fund, will be replaced by Christopher Metcalfe, who currently runs the group's Managed fund. Since taking over in December 2012 from Tineke Frikkee, Wilmot has failed to beat the sector average, returning 9.4% in the last year compared to the UK Equity Income sector average of 14.1%. This leaves the fund in the bottom quartile of one of the industry's most important sectors. In comparison Metcalfe has returned 8.9% for investors over the same period in his £1.4bn Managed fund, versus the sector average of 4%. Wilmot will continu...