Newton’s Stephany steps down from £1bn UK fund

Newton’s Stephany steps down from £1bn UK fund

Paul Stephany has stepped down as manager of the £1bn Newton UK Equity fund, which he has managed since September 2014.

The manager, who remains with the fund house, will also step aside from the UK Opportunities fund. Christopher Metcalfe will take over management of both funds for an unspecified period of time.

Mr Stephany began managing the UK Opportunities fund in February 2013.

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Newton parent company BNY Mellon Investment Management said: “It is not our policy to comment on any individual employees. However, we can confirm that Paul Stephany is not currently performing any fund management roles. Christopher Metcalfe is managing the Newton UK Opportunities fund and the Newton UK equity fund in the interim.”

Mr Metcalfe, who also currently manages the Newton UK Income fund and Multi-Asset Growth fund, had previously managed the UK Equity fund between 2007 and 2011 before he moved to the multi-asset team.

The Newton UK Equity fund returned 1.4 per cent over one year, compared to the UK All Companies sector which lost 8.6 per cent over, according to FE Analytics.