Newton Asian Income removed from Core Selection

Following the resignation of Jason Pidcock from Newton, and the announcement that he will be moving to Jupiter Asset Management, Chelsea has removed the Newton Asian Income fund from both the Core Selection and the Balanced Equity Junior EasyISA.

Darius McDermott, managing director of Chelsea, commented: “Newton's loss is Jupiter's gain – it's a great appointment for them. We've been fans of Jason since the fund was launched and have a high regard for his management skills. Asian Income was really his baby – he has managed and grown it since launch and investors have been very well rewarded. Investors in the fund will be hugely disappointed to lose such a good manager.”

Asian Income will move away from a lead and alternate manager structure to a team-based approach, under the leadership of Rob Marshall-Lee.

Juliet Schooling Latter, Chelsea's research director, added: “After careful deliberation, we have decided to replace the Newton Asian Income with Elite Rated Schroder Asian Income in the Chelsea Balanced Equity Junior EasyISA.

“The investment process is well thought out and has been implemented with diligence and skill. Richard’s experience, combined with the strength and depth of Schroders' analyst team, make this fund stand out. It is a worthy replacement for Newton Asian Income.”

Schroder Asian Income gives equity investors access to the higher growth Asian economies, excluding Japan, but including Australia and New Zealand. The manager, Richard Sennitt, joined Schroders in 1993 and has managed this fund since 2001, although the fund has only been in its current form since 2009. He has a wealth of experience managing Asian equities and is supported by Schroders analyst resources, some of whom are based in the region.

Fundamental company analysis, carried out by Schroders' sizeable analyst resource, drives stock selection. Valuation and the sustainability of the dividend are important factors. The portfolio typically holds 60-80 stocks.