UK – Colin Harris, chief executive at Newton and one if its founders, has decided to step down, following the full acquisition of the firm by Mellon.

Mellon has exercised its option on the remaining shares of Newton Management, though full ownership won’t be complete until next May.

Harris comments: “The move is entirely amicable and has been planned for some time. Growth over the past three years has exceeded expectation and this is the right step to take as Newton enters the next stage of its development,” he says.

He will be replaced by Jon Groom, president of Mellon financial Investments who commented that the acquisition came at a time of “tremendous growth” for Mellon’s asset management business in Europe.