Munro says the business's biggest clients are defined benefit pension schemes, but as those go into abeyance, he needs to focus more on defined contribution schemes.
He says Newton performs well as a business and has “acceptable” profit margins, meaning he is not worried about running an active fund house in an age of passive.
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Munro says: “I don’t think there is a problem, as you have a clear offer for clients and size the teams appropriately. I certainly want to make Newton bigger, and think I can do that.”
All the while thinking of the Fife mining village where it all began.
David Thorpe is special projects editor of FTAdviser
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