Euan Munro is stepping down from his role as chief executive officer at Newton Investment Management.
In a post on LinkedIn, Munro (pictured) confirmed his departure and thanked his former team and global client base.
“It has been a pleasure to lead this storied firm. I wish you all the very best. I am leaving behind some of the best investors I have ever had the privilege to work with, they will continue to be great without me.”
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He also noted he will be “enjoying a bit of time and space” to think about his next steps.
Munro has been CEO at Newton IM since June 2021, after joining from the role of CEO at Aviva Investors, a role he filled for seven years. He has also previously worked at Standard Life Investments and Scottish Provident in fixed interest and multi-asset investment roles.
Meanwhile, Mitesh Sheth, CIO for multi-asset at Newton IM, is also leaving the firm, BNY Investments, the parent company to Newton IM, confirmed. He has been in this role for over three years, having joined from Redington where he spent almost nine years working his way up to CEO. He was recognised in the Queen’s New Year’s Honours list in Jan 2022, and awarded an MBE for leadership in diversity and inclusion across the investment industry.
A statement from the Newton said: “Over the past three years, Euan and Mitesh have made meaningful contributions to Newton’s culture and business, and we wish them well in their future endeavours.”
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Both Munro’s and Sheth’s roles will not be directly replaced as the firm is moving several operations from Newton into a centralised BNY COO leadership team, as well as sales and distribution teams to existing BNY Investments’ distribution teams.
However, John Porter, previously co-CIO of Newton, will become the sole CIO of the firm, reporting to Jose Minaya, global head of BNY Investments & Wealth.
The statement added: “BNY Investments remains fully committed to the distinctive culture and philosophies of investment teams such as Newton, Walter Scott and Insight and we are confident the changes that we are announcing today will allow us to continue to deliver the high quality of service and investment outcomes.”
This story was written by our sister title, Portfolio Adviser
