Newton replaces manager on struggling Higher Income fund

20 March 2014 - Newton Investment Management has replaced Richard Wilmot on its struggling UK Higher Income fund. The new manager will be Christopher Metcalfe, who currently runs the group's Managed fund.

Since taking on the Higher Income fund from Trinkee Frikkee in December 2012, Wilmot has struggled to beat the sector average. He will continue to run the UK Equity fund.

Newton has said that it has decided to separate the management of the equity and equity income funds following a strategic review and that they believe, under Christopher's new leadership, the fund is positioned to perform well.

Chelsea currently rates the Higher Income fund a hold.