Charles Richardson, chief investment officer at Newton Investment Management, is one of three senior departures since the deferred bonuses relating to its takeover by Mellon Financial Corporation were paid out on Tuesday.

Toby Thompson and Jan Etherden, both fund managers, are the other two that have quit. A spokesman for Newton confirmed the departure of Richardson, Thompson and Etherden, and said that a newly reorganised investment team structure at Newton will be revealed later on Wednesday. It is unclear where the trio are heading.