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On 21 May 2025, BNY Investments announced that Andy Warwick, co-manager of the BNY Mellon Real Return fund, will be leaving the firm. Going forward, the fund will be co-managed by current manager, Aron Pataki, and Ella Hoxha, Head of Fixed Income.
The team is part of Newton Investment Management (Newton IM), a subsidiary of BNY Investments. This change is part of a wider restructure at the division, whereby its investment platform will consist of four core investment disciplines:
1. Income and Value Equity
2. Growth and Core Equity
3. Specialist Equities
4. Multi-Asset
These changes will see Newton IM integrate its Multi-Asset, Real Return, Fixed Income and Charities business under a revamped Multi-Asset Division. Paul Flood will continue in his role of overseeing the Mixed Assets and Charities strategies, while Head of Fixed Income, Ella Hoxha, will co-lead Newton IM’s Absolute Return mandates, including BNY Mellon Real Return.
BNY Mellon Real Return continues to feature on our Recommended list. It is a well-established, globally diversified, multi-asset fund that is structured around the team’s global themes. It is composed of a return-seeking core combined with a series of offsetting risk positions and aims to deliver positive returns within a range of cash and cash plus 4% p.a. (SONIA 30-day compounded), before fees, over 5 years.
According to our usual process, we will meet the managers for detailed discussions at the earliest opportunity, focusing upon the continuity of the approach and the customer journey.
At The Adviser Centre, our primary aim is to support financial professionals in their fund selection and suitability work through independently-minded research, borne of decades of industry experience. Our process is framed by the fundamental concepts of “quality”, “value” and “utility”, through which we answer the key questions of why to invest in a fund, how it is likely to behave and how it can be deployed.
The Adviser Centre team members are some of the most experienced in the fund research industry. We can always look forward to robust and constructive discussions and we have great respect for their views and perspectives, which, given the breadth of their fund and market knowledge, come from an extremely well-informed position.
We have known and worked with the team for several years and we value their experience and the insights they provide to our own investment process. The service differentiates itself by its more focused nature and the information on their factsheets is useful in emphasising a fund’s key mandate, exposure and style biases, helping to explain the risk/return journey that our customers can expect.
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