B&B cuts Newton assets

deutsche equity income sees £130m leave fund while hsbc loses £230m from three portfolios

Robert Shelton's Newton Income fund suffered a £110m redemption following the reallocation of Bradford & Bingley (B&B) Pep and Isa customers assets by third party administrator Axa Multimanager. B&B took the decision to move the £610m worth of assets to Axa Multimanager last summer and the segregated mandate Oeic which Axa designed, Axa Select, launched on 12 October. Axa Select consists of two sub-funds, Axa Select Growth and Axa Select Income. The underlying assets have been allocated on a segregated mandate basis with assets managed by a number of different providers, who were selec...