Fri, 14/02/2014 - 16:00
Newton Investment Management, part of BNY Mellon, has a launched the Newton Growth Fund for Charities, a sub-fund of the new UK umbrella unit trust BNY Mellon Charities Funds.
Newton has managed client assets in the UK charities sector for over 25 years and is one of the largest charity investment managers.
The Newton Growth Fund for Charities complements Newton’s existing dedicated charity fund range and aims to maximise investment returns through capital growth and income from a global portfolio primarily comprising of equity and fixed interest securities. The fund has a policy of making no direct investment in companies that derive more than 10 per cent of turnover from tobacco production and the fund does not have an income target.
The lead portfolio manager of the fund is Simon Nichols of Newton’s global multi-asset investment team. Nichols has over 18 years’ investment experience with 12 years of experience at Newton managing flagship multi-asset mandates for pension fund clients, including the Newton Exempt Fund, one of the longest running multi-asset fund in the industry.
The fund is benchmarked against a composite of indices, reflecting the main asset classes in which it invests: 37.5 per cent FTSE All Share Index, 37.5 per cent FTSE World ex UK (£) Index, 20 per cent FTA British Government All Stocks Index, and five per cent 7-day LIBID (cash).
Alan Goodwin, head of charity and institutional account management at Newton, says: "This is an important development in our dedicated service provision for charity clients. We are offering a total-return solution for charities that do not require a specific income from their investments. We have a proven and long-term track record investing multi-asset portfolios for charities, as demonstrated by the Global Growth & Income Fund for Charities, which was ranked the best performing fund in the WM Common Investment Fund review (to 31 December 2013) over each of the one, five and 10-year periods. The Newton Growth Fund for Charities is a natural complement to our existing charity-specific funds, and reflects our commitment to providing the right solutions for our current and prospective clients.”
The fund is restricted to UK charity investors. It has a minimum initial investment of GBP5,000 and an annual management charge of 0.60 per cent pa, which does not attract VAT.
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