Parkway plans merger and loses Ian McVeigh to long-only world

London hedge fund manager Parkway Capital is to merge with a company established by past and present senior managers at Newton Investment Management.

Ian McVeigh, manager of the Parkway Global fund, is to leave Parkway to return to the long-only world barely one year after leaving Schroders in February 2002. He is to to join Jupiter Asset Management and oversee Jupiter's £429m UK Growth Fund.

McVeigh remains a substantial investor in the Parkway Global Fund and will be an adviser to the management