Newton rebrands US equity fund

BNY Mellon Asset Management has outsourced and renamed its £57m Newton US Equity fund, formerly managed by Simon Laing.

Laing left the firm in November last year to join Invesco Perpetual as head of US equity fund management, running the £332m US Equity fund.

Newton announced soon afterwards there were no plans to directly replace him, and said it planned to outsource the fund's investment adviser.

Boston Company Asset Management, one of BNY Mellon Asset Management's specialist boutiques, has now been appointed investment adviser, and the fund will be renamed the BNY Mellon American fund.

The changes are set to take effect in early 2012.

"Simon's departure presented the opportunity to review how we cover US equities for our clients in the future," said Jeff Munroe, chief investment officer of Newton Investment Management.

"Our 28 global fund managers are tasked with challenging and supplementing this research with their own and to create portfolios of directly held securities. As a result, we retain strong coverage of US equities from various angles," he added.