Pidcock's Newton Asian Income suffers £350m May outflow

Jason Pidcock's Newton Asian Income fund saw outflows of £350m in May, the month in which the manager's departure from the firm was announced, according to data provider estimates.

Pidcock's (pictured) fund stood at £4.6bn in size as of the end of April, but AUM had dropped to £4.1bn by 31 May, according to figures from Morningstar and FE. The fund shed 3.25% on the month, equivalent to a £150m drop in size, which suggests net outflows of £350m over the period. The manager's departure was announced on 21 May, with Investment Week revealing he is to join Jupiter later this year. Net outflows for the month represent a pick-up in redemptions following what FE estimates was a £200m net outflow in April. Fergus McCarthy, co-head of distribution at BNY Mellon, said...