Cowley leaves Newton for Old Mutual

Stewart Cowley, the head of fixed income at Newton, has left to join Old Mutual Asset Managers (Omam) as head of fixed interest and macro in June 2009. As a result of Cowley’s arrival, Andrew Tunks, the head of fixed interest at Omam, will leave the group following a handover.

At Newton Cowley managed three portfolios: the £570m Newton International Bond fund, the £730m BNY Mellon Global Bond fund and the £8m BNY Mellon Sterling Bond fund. Following his departure Newton has appointed Paul Brain as investment leader, fixed income. He takes over the funds that Cowley managed.

As a result of Tunks’ impending departure from Omam, Peter Baxter will assume management of the £88m Omam Select Managed fund. Baxter, Omam’s chief executive and chief investment officer, will lead the fixed interest and macro team until Cowley joins next year.