Iain Stewart, formerly the lead manager of Newton Investment Management’s flagship Real Return fund, is to retire from the industry after 34 years.

Stewart will depart at the end of 2019, Newton said in a statement on August 2. The high-profile fund manager no longer has any frontline fund management responsibility for the £6.7bn Real Return fund, which he took on in 2004, having stepped back last year to a “strategic” role providing input on macro calls.