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BNY Mellon Global Income – removal from Wealth 50

Jonathon Curtis | Fri 27 March 2020

Investments can go down as well as up so there is always a danger that you could get back less than you invest. Nothing here is personalised advice, if unsure you should seek advice.

We’ve removed BNY Mellon Global Income from the Wealth 50 list.

We’ve made this decision as Nick Clay, the fund’s manager, will be leaving the company later this year. The fund’s co-manager Andrew McKirby and analysts Robert Canepa-Anson and Colin Rutter have also handed in their notice.

Replacing Clay as manager of the fund will be Ilga Haubelt, who joined BNY Mellon in November 2019, and previously ran a large global equity income fund elsewhere. She’ll be joined by portfolio managers Robert Hay, Paul Flood and Jon Bell. BNY Mellon has said Clay and the rest of the current team will keep managing the fund for a few months while a hand-over is arranged.

In his time as manager, Clay has strictly adhered to the fund’s long-established approach of only investing in companies with higher yields than the global stock market average, and selling them without exception if the yield falls below the global average.

The fund has been one of the strongest performers in the IA Global Equity Income sector over several years, and we have high conviction in Clay and the current team. So we’re disappointed to hear of the departures.

Haubelt and the other portfolio managers taking over are relatively unknown to us. We have no reason to believe they’re not capable managers, but we cannot say with any confidence whether they’re high-calibre. They’ve assured us there won’t be any change to the fund’s philosophy or process.

Although we’re removing BNY Mellon Global Income from the Wealth 50, this isn’t a recommendation to take any action. Investors should make sure it still matches their investment goals and attitude to risk.

Annual percentage growth
Feb 15 -
Feb 16
Feb 16 -
Feb 17
Feb 17 -
Feb 18
Feb 18 -
Feb 19
Feb 19 -
Feb 20
BNY Mellon Global Income 12.4% 26.3% 1.5% 7.2% 7.9%
FTSE World -1.5% 37.4% 7.3% 3.5% 9.0%

Past performance is not a guide to the future. Source: Lipper IM to 29/02/2020.

Find out more about the fund including charges

Key investor information

Important information - Please remember the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. This article is provided to help you make your own investment decisions, it is not advice. If you are unsure of the suitability of an investment for your circumstances please seek advice. No news or research item is a personal recommendation to deal.


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