DISCOVER MULTI-ASSET
FUNDS
Multi-asset funds aim to offer investors a way to access greater diversification
Why multi-asset ?
BNY Investments Newton’ multi-asset range offers strategies designed to support diverse investors in achieving their objectives—whether that’s individuals saving for or living in retirement, or institutions pursuing long-term goals.
During volatile times when the traditional 60/40 portfolio model comes into question, diversification to help protect client’s capital from the vagaries of markets and the global economy. BNY Investments’ multi-asset strategies aim to protect capital while sourcing income and growth by investing across different asset classes, geographies, companies and themes, rather than being exposed to a single source of risk.
BNY Investments' multi-asset funds seek exposure to asset classes and underlying securities with inflation-linked revenue streams such as infrastructure, property and renewables, including esoteric areas like music royalties and battery storage. Picking companies with sustainable and growing dividends is also a key tenet of the multi-asset range.
The BNY Investments' multi-asset funds are risk profiled, meaning they can be matched to a variety of client risk attitudes. As well as helping to manage volatility expectations, the funds target a variety of investment outcomes for a client, whether they are seeking income, growth, a balance of the two, or a cash-plus return.
Great multi-asset design needs to be robust enough to accommodate as many possible futures as practicable because, unless you have a valid claim to omniscience, it is irresponsible to build a portfolio that only works on one pathway
BNY Investments Newton offers a choice of multi-asset solutions to meet investors’ mix of yield / risk appetite.
BNY Mellon Multi-Asset Balanced Fund
Fund managers: Simon Nichols, Bhavin Shah, Paul Flood
MIXED ASSETS
BNY Mellon Multi-Asset Growth Fund
Fund managers: Simon Nichols, Bhavin Shah, Paul Flood
MIXED ASSETS
BNY Mellon Multi-Asset Moderate Fund
Fund managers: Paul Flood, Bhavin Shah, Janice Kim
MIXED ASSETS
BNY Mellon Multi-Asset Income Fund
Fund managers: Paul Flood and Bhavin Shah
INCOME-ORIENTED
BNY Mellon Multi-Asset Diversified Return Fund
Fund managers: Paul Flood and Bhavin Shah
ABSOLUTE RETURN
Source: BNY Investments', data as of 31 December 2025.
Note: Cash and others allocations shown include currency hedging and commodities. Totals may not sum to 100% due to rounding.
Defaqto established methodology: Defaqto map funds and MPS portfolios to 10 accumulation risk profiles. A rating of 1 represents the lowest risk; 10 indicates the highest risk. Within the risk profiles, Defaqto use the industry recognised Hymans Robertson strategic asset allocations.
Dynamic Planner: Risk-profiling process is driven by rigorous analysis of the underlying asset mix of a fund, as well as considering factors such as the flexibility of the investment mandate, monthly trend analysis of the underlying asset constituents and observed performance. Once this analysis is complete, the data is calibrated to the underlying asset forecast assumptions of the Dynamic Planner model. The expected risk of the fund is then determined using a scale from 1 (lowest) to 10 (highest) which can then be aligned to client risk profiles.
EV: EV risk-rated fund service is an easy way for advisers to turn their risk questionnaire’s output into suitable recommendations on the EV portal. For full ratings please refer to the EV adviser portal.
FundCalibre: FundCalibre ratings are awarded after an initial qualitative screening and further qualitative analysis. This is followed up by their research team interviewing the fund manager face-to-face to understand and assess the investment process and style. Finally, a peer group review is conducted and those funds, whose managers FundCalibre believe to be the most skillful are awarded an Elite Rating.
Oxford Risk: Oxford Risk uses a quant risk model to determine the long-term risk of any fund or portfolio, providing a robust and reliable solution for mapping investors' risk profiles to suitable investments.
Square Mile: Square Mile is an independent funds research company that ‘rates’ funds, and provides opinion. The ratings are a guide to the conviction that its analysts have in the ability of a fund manager to achieve their outcome objectives over the longer term. The ratings range from AAA, to AA and A for actively managed funds. Rated passive funds are awarded an R for recommended and some younger funds, with shorter track records, are afforded a PP rating, as a ‘Positive Prospect’.
Synaptic: The Synaptic Risk Rating Service is derived from the risk framework provided by Moody's Analytic's Stochastic engine. It has been created to provide advisers with more robust, quantitative measures for risk than is generally available, and provide the opportunity for them to move away from volatility-based ratings.
Dynamic Planner Risk Ratings should not be used for making an investment decision and it does not constitute a recommendation or advice in the selection of a specific investment or class of investments.
China Interbank Bond Market and Bond Connect Risk: The Fund may invest in China interbank bond market through connection between the related Mainland and Hong Kong financial infrastructure institutions. These may be subject to regulatory changes, settlement risk and quota limitations. An operational constraint such as a suspension in trading could negatively affect the Fund's ability to achieve its investment objective.
CoCo's Risk: Contingent Convertible Securities (CoCo's) convert from debt to equity when the issuer's capital drops below a pre-defined level. This may result in the security converting into equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred.
Counterparty Risk: The insolvency of any institutions providing services such as custody of assets or acting as a counterparty to derivatives or other contractual arrangements, may expose the Fund to financial loss.
Credit Ratings and Unrated Securities Risk: Bonds with a low credit rating or unrated bonds have a greater risk of default. These investments may negatively affect the value of the Fund.
Credit Risk: The issuer of a security held by the Fund may not pay income or repay capital to the Fund when due.
Currency Risk: This Fund invests in international markets which means it is exposed to changes in currency rates which could affect the value of the Fund.
Derivatives Risk: Derivatives are highly sensitive to changes in the value of the asset from which their value is derived. A small movement in the value of the underlying asset can cause a large movement in the value of the derivative. This can increase the sizes of losses and gains, causing the value of your investment to fluctuate. When using derivatives, the Fund can lose significantly more than the amount it has invested in derivatives.
Emerging Markets Risk: Emerging Markets have additional risks due to less-developed market practices.
Objective/Performance Risk: There is no guarantee that the Fund will achieve its objectives.
Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect ("Stock Connect") Risk: The Fund may invest in China A shares through Stock Connect programmes. These may be subject to regulatory changes and quota limitations. An operational constraint such as a suspension in trading could negatively affect the Fund's ability to achieve its investment objective.
KEY INVESTMENT RISKS APPLICABLE TO BNY MELLON MULTI-ASSET BALANCED FUND AND BNY MELLON MULTI-ASSET INCOME FUND:
Charges to Capital Risk: The Fund takes its charges from the capital of the Fund. Investors should be aware that this has the effect of lowering the capital value of your investment and limiting the potential for future capital growth. On redemption, you may not receive back the full amount you initially invested.
KEY INVESTMENT RISKS APPLICABLE TO BNY MELLON MULTI-ASSET GROWTH FUND, BNY MELLON MULTI-ASSET MODERATE FUND AND BNY MELLON MULTI-ASSET INCOME FUND
Changes in Interest Rates & Inflation Risk: Investments in bonds/money market securities are affected by interest rates and inflation trends which may negatively affect the value of the Fund.
KEY INVESTMENT RISKS APPLICABLE TO BNY MELLON MULTI-ASSET INCOME FUND
High Yield companies Risk: Companies with high-dividend rates are at a greater risk of not being able to meet these payments and are more sensitive to interest rate risk.
Investment in Infrastructure Companies Risk: The value of investments in Infrastructure Companies may be negatively impacted by changes in the regulatory, economic or political environment in which they operate.
Performance Aim Risk: The performance aim is not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for returns to vary significantly.
KEY INVESTMENT RISKS APPLICABLE TO BNY MELLON MULTI-ASSET MODERATE FUND
Volcker Rule Risk: The Bank of New York Mellon Corporation or one of its affiliates ("BNYM") has invested in the Fund. As a result of restrictions under the "Volcker Rule," which has been adopted by U.S. Regulators, BNYM must reduce its shareholding percentage so that it constitutes less than 25% of the Fund within, generally, three years of the Fund's establishment (which starts when the Fund's manager begins making investments for the Fund). Risks may include: BNYM may initially own a proportionately larger percentage of the Fund, and any mandatory reductions may increase Fund portfolio turnover rates, resulting in increased costs, expenses and taxes. Details of BNYM's investment in the Fund are available upon request.
The BNY Mellon Multi-Asset Moderate Fund and the BNY Mellon Multi-Asset Diversified Return Fund can invest more than 35% of net assets in different transferable securities and money market instruments issued or guaranteed by the UK or an EEA State, its local authorities, a third country or public international bodies of which the UK or one or more EEA States are members.
The value of investments and the income received can fall as well as rise and investors may not get back the original amount invested.
Please refer to the prospectus, KIID where applicable and other fund documents for a full list of risks and before making any investment decisions. Documents are available in English and in selected local languages where the fund is registered. Go to bny.com/investments.
BNY Investments Newton’s foundation in multi-asset investing began in 1978 with the UK Institutional Balanced strategy, a global balanced portfolio of equities and fixed interest securities, being managed since the formation of the company. Underpinning the Newton approach are three key strengths:
Research edge:
The research team seek out the best ideas from around the world through focused security selection, utilising a long-term thematic approach to identify both opportunities and risks in the investment universe. Collaboration between analysts and portfolio managers ensures that the characteristics of potential ideas are aligned with client strategies and balance independent analysis together with the expertise and diversity of views and experiences across the house.
Decision-making edge:
Teams at BNY Investments Newton come together to make decisions quickly and decisively, facilitating this strength is the blending of skills to include both those that have worked together for a long time and those with newer perspectives. Decision making accountability is central to this strength requiring teams to share ideas across desks and seek-out different views gaining both self and market awareness.
Responsible investment edge:
The integration of environmental, social and governance (ESG) analysis into research and portfolio management provides the portfolio managers with specialist resource for deep dives, engagement and stewardship. This dedicated resource provides analysts and portfolio managers with in-depth evaluations of ESG issues, both during security selection and through ongoing monitoring.1
Newton’s AUM totals £75.21 billion as of 31 December 20251. This is split across multiple investment teams as shown here
Absolute Return
Thematic
Growth/Core Equity
Mixed Assets and Charities
Income/Value Equity
Absolute Return
Thematic
Growth/Core Equity
Mixed Assets and Charities
Income/Value Equity
1Excludes £8.6bn of Multi-Asset Solutions assets managed by Newton Investment Management North America LLC (‘NIMNA’)
Source: Newton, 31 December 2025. Newton global assets under management (AUM) is the combined total assets under management of Newton Investment Management Limited (‘NIM’) and Newton Investment Management North America LLC (‘NIMNA’) as calculated as at 31 December 2025. In addition, Newton’s global AUM includes assets of bank-maintained collective investment funds for which Newton has been appointed sub-advisor or in limited instances, where Newton personnel act as dual officers of affiliated companies. The AUM includes assets under advisement (AUA) for a model of securities that the Firm does not arrange or effect the purchase or sale of securities.
Bhavin joined Newton in June 2011 as a portfolio manager in the mixed assets investment team. Prior to joining Newton, he worked at SG Hambros for seven years where he was responsible for managing client portfolios focused on absolute return and multi-asset strategies. Bhavin is co-lead manager on numerous multi-asset accounts at Newton. In addition to portfolio management responsibilities, Bhavin is a member of the multi-asset Investment Risk Oversight Group. Bhavin holds an MSc in Mathematics with distinction and is a CFA charterholder.
Paul is Head of Multi-Asset and Charities at BNY Investments Newton. He is also lead manager of the Newton Multi-Asset Diversified Return strategy, the Newton Multi-Asset Income strategy and the Newton Multi-Asset Growth strategy. He also provides leadership and analysis on asset allocation, derivatives and convertible bonds for the wider firm, having spent the earlier part of his career working on strategic asset allocation and derivative strategy. Paul is responsible for generating ideas within alternative assets and has been leading in this area since 2008. He is a member of the macro allocation group and provides feedback to the wider house on strategic and tactical asset allocation.
Paul joined Newton in 2004. He is a CFA1 charterholder and has completed the certificate in quantitative finance (CQF) after passing with distinction. Paul studied Astrophysics at the University of St Andrews and is a keen cyclist and runner, having recently cycled the length of the UK from Land’s End to John O’Groats and often participates in marathons.
Janice is a portfolio manager on Newton’s multi-asset and charities team.
She brings a global perspective and deep analytical expertise to her role, shaped by her previous experience as an investment analyst at firms including LionRock Capital in Singapore and Marathon Asset Management in New York, where she was also a member of the private equity team.
Janice holds a degree in Political Economy from the University of California, Berkeley, and has earned the CFA Sustainable Investing Certificate.
Outside of work, Janice enjoys swimming and travelling, as well as following Formula 1 racing and football to keep pace with her son’s sports updates. Cricket remains a work in progress.
Simon is a portfolio manager on the mixed assets and charities team responsible for managing both global equity and multi-asset portfolios.
Simon joined Newton in 2001 and was responsible for research into a number of global industrial sectors before moving to portfolio management. Simon’s experience includes managing global, multi-asset, charity and UK equity portfolios.
Simon is a chartered accountant (ACA) and prior to joining Newton he worked in both audit and insolvency practices at leading accountancy firms. He is a CFA charterholder, a member of the Chartered Institute for Securities and Investment (MCSI), and also holds a BA (Hons) degree in Industrial Economics from the University of Nottingham.
Outside of work, Simon is a keen runner.
All the portfolio management teams are supported by the Newton Multidimensional Research Team which consists of 48 investment professionals as at 31 December 2025 (some of whom combine research and portfolio management roles). The research platform blends thematic, fundamental, macroeconomic, geopolitical, regional, quantitative, accounting, private markets and investigative research that takes material ESG risks, opportunities and issues into account (where relevant) to give Newton Investment Management the widest perspective on the investment landscape.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
A helpful range of literature to support our multi-asset offering
Retirement planning in the UK has never stood still, but the ground is shifting more quickly and more meaningfully than many clients – and some firms – might expect.
Paul Byrne, BNY Investments Newton Portfolio Manager and Quantitative Analyst, outlines how BNY’s FutureLegacy risk-targeted multi-asset funds aim to help investors stay aligned with their retirement goals in uncertain markets.
Market shifts, rising risks and AI-driven volatility are challenging retirement income stability. BNY Investments Newton multi-asset portfolio manager Paul Byrne discusses why dynamic risk management and active multi-asset strategies are essential for steadying the ship.
Marking 25 years at BNY Investments Newton and eight years leading the BNY Mellon Multi-Asset Balanced strategy, Simon Nichols has steered UK and global equities, and multi-asset portfolios through volatile market periods. His accounting roots bring a healthy cynicism to stock selection as part of a long-serving and experienced multi-asset team.
BNY Investments Newton Portfolio Manager and Quantitative Analyst Paul Byrne walks through why active volatility management is essential for positioning in the new risk reality.
Paul Flood, Head of Mixed Assets Investment at BNY Investments Newton, examines six prospective investment catalysts for 2026 and underscores the significance of diversification across asset classes, regions, and sectors.
A dynamic and sustainable approach to investing for and in retirement.
3206169 Exp: 31 March 2027
