BNY Mellon to launch emerging income fund for Pidcock
BNY Mellon is launching an emerging market income fund for its Asian income star Jason Pidcock.
The fund will be co-managed by emerging markets expert Sophia Whibread, who joined BNY Mellon from Baillie Gifford in early 2011.
It will carry no initial charges, and will be tasked with delivering 15 per cent more income to investors than is delivered by the FTSE All World Emerging index.
The group estimated that if the fund launched today it would yield roughly 4 per cent if it was able to deliver income on that basis.
It is expected to enable Mr Pidcock to broaden his skills into emerging areas that are not covered by the Asian fund, such as Latin America. The manager last month stepped back to an alternate manager role on the group’s offshore BNY Mellon Asian Equity fund.
Mr Pidcock has been a co-manager of BNY’s £2.1bn Newton Asian Income fund since November 2005. He has also co-managed the £652m Newton Oriental fund since August 2004.
The Newton Asian Income fund is currently reporting a historic yield of 4.97 per cent a year.
In the past five years it gained 62.3 per cent, ranking it third out of 60 funds in the IMA Asia Pacific excluding Japan sector - of mainly growth-focused funds - over the period.