Newton Real Return portfolio manager Iain Stewart is set to retire at the end of this year after 34 years with the BNY Mellon Investment Management subsidiary.
Stewart stepped back from management of the fund in 2018 to focus on providing strategic input to the Real Return team's macro perspectives and outlook.
Clients were informed on 2 August that management of the fund will continue to be led by Suzanne Hutchins, alongside Aron Pataki, Andy Warwick, Philip Shucksmith and Matt Brown.
They will be supported by the wider 65-strong investment team, with Newton's internal global research and fixed income teams, as well as thematic focus groups helping to provide the foundation of the portfolio's security selection.
The Newton Real Return strategy is conviction-based, with no regional, sector or performance reference constraints, but with a focus on capital preservation.
A BNY Mellon Investment Management spokesperson thanked Stewart for the "significant contribution he has made to Newton since joining the firm in 1985" and confirmed his retirement will not change the fundamental principles on which the fund is managed.
Head of personal investing at Willis Owen Adrian Lowcock said Stewart "had a long career and become well known and regarded for his capital preservation first investment philosophy, which has helped protect investors from the worst of market sell-offs and crashes".
He added: "This is another good example of retirement planning and laying the ground work to ensure a smooth transition giving time for the new manager to get to grips with running the fund, while having the experience to consult when necessary."
Recently rebranded BNY Mellon Real Return, the fund is up 14.5% over five years to 1 August, according to FE. The IA Targeted Absolute Return sector has averaged 9.4% over the same period.