Old Broad Street Research (OBSR) has suspended its AAA rating of the Newton International Bond fund. The move follows yesterday’s news that Stewart Cowley, the manager of the fund and head of fixed income at Newton, has left the group to join Old Mutual Asset Managers (Omam) next June.
OBSR says the suspension of the rating will remain in place until it has talked to the new manager, Paul Brain. Brain, who has worked as alternate manager of Newton’s global bond portfolio’s for the past four years, has assumed management of the £570m International Bond fund.
Brain has also assumed management of the £730m BNY Mellon Global Bond and the £8m BNY Mellon Sterling Bond funds that Cowley had managed since July 2001. Brain has also been appointed investment leader, fixed income at Newton.