April 3, 2020

Fund Manager Chat: Staff Departures at BNY Mellon Global Income Fund

by Jake Moeller.

On March 26, 2020, BNY Mellon announced that Nick Clay, one of the UK’s best known equity income fund managers will be leaving the organisation. He is leaving with a number of his team to join a competitor. Mr. Clay currently runs the £5.2 billion (as at March 26, 2020) BNY Mellon Global Income Fund.

In this podcast, Ilga Haubelt, recently appointed Head of Equity Income at Newton and Jon Bell, co-fund manager of the BNY Mellon Global Income Fund, outline how they intend to mitigate the potential impact of these departures.

Running Order

Run Time Topic
00:40 Ilga, you joined BNY Mellon in November 2019. Have you had enough time to settle in?
02:00 Outline your duties and experience at Deka?
04:30 How does your previous fund compare to the BNY Mellon Global Income Fund?
08:20 Will you be changing any of the BNY Mellon Global Income Fund’s processes?
11:30 What sort of disruption are you expecting from these departures? How will you keep staff focused?
13:36 Will you be making any material changes to the portfolio holdings?
16:40 What experience of working together does the new team have?
20:30 Is there a risk that current staff might be spread too thinly?
21:10 How do you respond to this market volatility? What sort of pressure is there on dividends?
24:20 How has your current portfolio positioning worked for you in the current environment?
28:40 Is the current health crisis a catalyst for you to change your top-down themes?


Ilga and Jon chatted remotely with Jake Moeller on April 1, 2020.

About Ilga Haubelt

Ilga Haubelt

Ilga is the investment leader of the Newton Equity Income team. She joined Newton in 2019 to head up the firm’s equity opportunities team, becoming Head of Equity Income in March 2020. She is part of the management team for Newton’s global equity income strategy.

Prior to joining Newton, Ilga was head of Global Equities at Deka Investments, where she oversaw a team of more than 20 portfolio managers with €15bn of assets under management. She was also the lead manager of Deka’s global equity income fund.

Before joining Deka Investments, Ilga was a portfolio manager and research analyst at Union Investment, where she was lead manager of a North American generalist equities fund, a REIT, and a global listed real estate equities fund. Ilga began her asset management career with Munich Ergo Asset Management (MEAG) as a real estate specialist.

About Jon Bell

Jon Bell

Jon Bell

Jon is a portfolio manager in the BNY Mellon equity income team. Through his 24 years at Newton, Jon has led both the Global Equity and Multi-Asset teams and been responsible for a number of multi-asset and global equity portfolios. As well as his extensive investment roles at the firm, he has also spent time as a member of the commercial team involved in discussing client portfolios and tailoring strategies to client requirements.

Jon sits on Newton’s investment oversight and product and commercial committees and its investment risk oversight groups. He joins the Equity income team from March 2020, where he will focus on Newton’s global equity income strategy.

Jon joined Newton in 1995 and has a degree in natural sciences from Cambridge University.

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This material is provided for as market commentary and for educational purposes only and does not constitute investment research or advice. Refinitiv cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. Please consult with a qualified professional for financial advice. The author does not own shares in this fund.

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