Invesco today announced some important changes to its UK equity product range and investment management team, following a review overseen by Chief Investment Officer Stephanie Butcher, who was appointed at the beginning of this year.
Butcher commented:ย โI have undertaken a comprehensive review of the UK equity range, recognising a period of disappointing performance and listeningย hardย to client feedback.ย When I became CIOย in January, Iย made it clearย I would not shy from introducing change where I saw it necessary.โ
There are two parts to the changesย beingย put in place, the firstย being aย proposedย reorganisation of theย Invesco UK Equityย product portfolio to help add furtherย clarity, differentiationย and focus.
This will include a clearย distinctionย between the Invesco High Incomeย Fundย (UK)ย and the Invesco Income Fundย (UK). Inย particularย theย Invescoย Highย Income Fundย (UK)โsย objective will be clarifiedย to assist with investorsโ understanding of the incomeย objectiveย andย benchmarking ofย the fundโs income.
We areย alsoย proposingย to merge the Invesco UKย Strategic Income Fundย (UK)ย with theย Invescoย Income Fundย (UK).ย Any changes to the fund range will be subject toย FCA approval andย shareholder notification andย in the case of theย proposedย merger, subject to the approval of shareholders in theย Invescoย Strategic Income Fundย (UK).
Secondly, it has been mutually agreed that Mark Barnett is leaving Invesco after 24 years, with James Goldstone and Ciaran Mallon taking over as co-managers of the open ended funds that Mark has been responsible for.
Martin Walker will continue to lead the team as Head of UK Equities andย willย manage the Perpetual Income and Growth Investment Trust.
These changes are with immediate effectย andย reflect the importance we placeย onย stability and teamworkย to ensure investment objectives are met.
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