AJ Bell has removed the BNY Mellon Global Income fund from its favourite funds list and from the Income Portfolio in its managed portfolio service (MPS) following the departure of the managers and some of the team, which it said “has left a very large hole”.
Ryan Hughes, head of active portfolios at AJ Bell, confirmed it had also dropped the fund's 'buy' rating. He said: "The departure of Nick Clay from BNY along with his co-manager Andrew MacKirdy and two analysts for RWC left a very large hole in the team at BNY. Newton's Clay and team to join RWC "Clay had been associated with the fund for many years, firstly as a deputy manager and then as the lead for the past five years and therefore his departure sees a huge amount of experience walk out of the door. "This is a fund we know very well and it is used in our Income portfolio and...
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