Shareholders have approved Newton Investment Management's second attempt to merge its £66m Managed Income fund into the £69m Multi Asset Income fund.
The move had previously been planned for March 2016 but was rejected by shareholders as the original cost of the merger would have been taken on by the fund. Its latest proposal will see the authorised corporate director (ACD) now pay related costs, instead of the fund. The firm said the reason behind the merger, which is due to come into effect on 27 January, was the two funds deliver similar outcomes, but Multi Asset Income has more flexibility to invest across a number of asset classes. In contrast, Managed Income is a fund of funds, mainly invested in other Newton vehicles. New...
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