Buyers back BNY Mellon Global Income despite Elite rating loss

Give 'time to bed in'

The departure of Nick Clay and his team has led to FundCalibre stripping BNY Mellon Global Income of its Elite rating, amid warnings that Clay’s replacement Ilga Haubelt could face an “uphill battle” in the face of potential outflows and an “unprecedented market environment”.

However, the departure of Clay and co-manager Andrew MacKirdy, as revealed by Investment Week this morning, has not shaken buyers' faith in the fund, with current market volatility potentially offering Haubelt "time to bed in". In a statement confirming BNY Mellon Global Income had been stripped of its rating, FundCalibre research director Juliet Schooling Latter said the departures were "obviously a blow for the company". She added that while Haubelt has "a lot of experience, a similar way of investing and the support of Newton's not inconsiderable research team", it "could be a bit ...