Cowley Leaves Newton for Old Mutual
Paul Brain to take on lead Newton role as Cowley departs for OMAM.
Newton has appointed Paul Brain, who has been at the firm since 2004, to head the fixed-income unit and to take on Cowley's former funds. Newton has also created a new reporting line from its credit analysts to head of global equity Simon Pryke. The change is intended to promote more robust collaboration between the equity and fixed-interest units, and is a move we think is for the best. Much will depend on how the plan is executed, but particularly in the current environment, the detailed balance sheet work done by a credit team can give equity analysts a leg up in avoiding unpleasant surprises.
Cowley will start at OMAM in the first half of 2009, taking on the head of fixed income and macro role previously held by Andrew Tunks. Until he joins, OMAM's Peter Baxter will continue to lead the team.
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