Wilmot exits Newton

Newton's Richard Wilmot, manager of the group's £1bn UK Equity fund, is to leave the company, Investment Week can reveal.

Wilmot (pictured) has been at Newton since 1999, and was manager of the firm's £1.9bn Higher Income fund from the end of 2012 until March of this year, when he was replaced by Chris Metcalfe. The UK equity fund will now be managed by Paul Stephany, manager of the group's £369m UK Opportunities fund, with Emma Mogford as alternate manager. Wilmot was also deputy manager on the UK Opportunities fund. Newton UK Equity has returned 49.4% over the three years to 12 September, according to Morningstar, underperforming the IMA UK All Companies sector average of 57.8%.