A boutique asset management firm set up by a group of Newton alumni has poached a fund manager from its old firm.
Wealth Manager understands Ian Clark is to become a partner of Veritas Asset Management at the end of August after he sees out notice period at the BNY Mellon subsidiary.
Veritas refused to comment or to confirm that Clark was joining the business.
The fund has struggled over the past five years, returning 38.8%, underperforming the peer group average of 47.3%.
In contrast, Newton Global Income returned 56.1% during this period.
Veritas was co-founded by Newton founder Stewart Newton and Richardson, who served as chief investment officer at Newton, in 2003.