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Veritas hires former co-manager of £5.3bn Newton income fund

Veritas hires former co-manager of £5.3bn Newton income fund

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.

Up until last month, Clark was the co-lead manager on the £5.3 billion Newton Global Income fund alongside Nick Clay.

Veritas refused to comment or to confirm that Clark was joining the business.

While his role at the firm is not clear, it is likely he has been brought in to help revive Veritas' own global equity income fund, managed by Charles Richardson and Andy Headley

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.  

 

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