Newton’s head of international private clients Caroline Mair has resigned from her post after nearly 13 years at the firm.
Newton confirmed the news and said Mair would remain at the company until April 2013.
While permanent a replacement is yet to be announced, oversight of the international private client desk will be transferred to Caroline Tye, head of private clients, and Mair’s individual clients have been shared across other managers in the team.
Mair has spent her entire career at Newton, starting out as a trainee fund manager in 2000 following graduation. She managed her own funds for three years, before being promoted to director of investment management and later heading the international private client business.
The private client team manages just under £4 billion in assets and underwent a restructure at the beginning of this year.
Head of private clients Simon Pryke took on the role of chief investment officer and his post was filled by Tye, who has worked for Newton since 1998.
Last year, Newton announced plans to move up the value chain by increasing its investment minimum to £1 million for new clients.
It also started a process of ending relationships with existing clients under £500,000, saying it was no longer viable to service these portfolios.