BNY Mellon is set to move the management of a corporate bond fund from Newton to Insight Investment.
The company said the £52m Newton Corporate Bond fund, run by Howard Cunningham and Parmeshwar Chadha will pass to Insight’s Adam Mossakowski on October 1, subject to investor approval.
Mr Mossakowski currently runs the £21.6m Insight Strategic Bond fund.
“Insight has a strong fixed income reputation so the move makes sense as it plays to our expertise,” said an Insight spokesperson.
The spokesperson said there would be no changes to Newton’s fixed income team. Mr Cunningham leads or co-manages eight other funds for the group while Mr Chadha works on three funds.
The Newton Corporate Bond fund has returned 47 per cent in the five years to July 31 compared to 51.7 per cent from its composite benchmark index of 75 per cent ML Non-Gilt index and 25 per cent Euro High Yield index.
