Despite current market malaise, RWC Partners has announced that Newton’s Nick Clay is joining the firm to head up its global equity income team.

Joining Mr Clay will be the rest of his Newton team, including Andrew MacKirdy, Robert Canepa-Anson and Colin Rutter.

Mr Clay had been with Newton for 20 years, joining the firm’s £10 billion global equity income team in 2012 and leading it from 2015.

In a statement released by RWC, the firm said that the strategy has delivered top quartile returns and a growing income stream for its investors across one, three and five year time periods.

RWC currently manages around £3 billion in UK equity income strategies, led by Nick Purves and Ian Lance, who joined the firm in 2010. RWC hopes that the arrival of Mr Clay and his team will add additional options to their current value tilt offering.

Seemingly aware of the strange timing of building a risk asset offering, RWC’s chief executive Dan Mannox said in a statement:  “Although we find ourselves living in extraordinary times, our structure allows us to focus on the longer term. We are privately owned organisation which affords us the commitment and stability to continue to develop the services we offer to our clients.

“We believe equity income strategies are an increasingly sought-after asset class following the collapse in bond yields globally. Nick has an incredibly disciplined and objective approach to finding high quality companies that generate sustainable dividend streams; this is a really important tool for income seeking investors.”