BNY Mellon Investment Management is set to change the names of two of its funds, the Newton Global Higher Income and Higher Income, and scrap the yield discipline on the latter.
With effect from 1 April, the group will scrap the 'Higher' tag in the funds' names. The £1.9bn Newton Higher Income fund will be renamed Newton UK Income, while the £4.4bn Newton Global Higher Income fund will become Newton Global Income. The newly renamed UK Income fund - run by Christopher Metcalfe since March 2014 - will also see the existing stock-specific yield discipline removed in order to broaden its investment universe. Currently, the fund can only invest in shares yielding at least 75% of the FTSE All Share index yield. Shares must be sold when a stock's yield falls below 5...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
