Newton Investment Management global strategist Peter Hensman is set to leave the firm.
Hensman, who has previously worked in the firm’s real return team, will be replaced by Brendan Mulhern.
Mulhern joined Newton two years ago as a strategist.
A BNY Mellon spokesperson told Wealth Manager: ‘Over the past two years at Newton, Brendan has been providing strategic support to the firm’s various investment strategies. Throughout this time, he has worked closely with the Newton real return team and has developed a strong understanding of the strategy’s investment philosophy and portfolio construction.’
As global strategist, Hensman focused on forecasting macroeconomic trends. He also analysed the strategic background against which the company’s research analysts and fund managers identified stocks to invest in.
Prior to joining Newton, he worked at Provident Mutual Life Assurance Association.
Newton as a firm struggled last year having experienced £1.2 billion in net outflows. It also suffered a 20% decrease in pre-tax profit over the year ending December 2016 from £74.2 million in 2015 to £59.7 million. This was chiefly due to falling income from fees and an 11% rise in administrative expenses.
Despite this, the business has slated new product and service launches for 2017.