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: “I have undertaken a comprehensive review of the UK equity range, recognising a period of disappointing performance and listening hard to client feedback. When I became CIO in January, I made it clear I would not shy from introducing change where I saw it necessary.”
There are two parts to the changes being put in place, the first being a proposed reorganisation of the Invesco UK Equity product portfolio to help add further clarity, differentiation and focus.
This will include a clear distinction between the Invesco High Income Fund (UK) and the Invesco Income Fund (UK). In particular the Invesco High Income Fund (UK)’s objective will be clarified to assist with investors’ understanding of the income objective and benchmarking of the fund’s income.
We are also proposing to merge the Invesco UK Strategic Income Fund (UK) with the Invesco Income Fund (UK). Any changes to the fund range will be subject to FCA approval and shareholder notification and in the case of the proposed merger, subject to the approval of shareholders in the Invesco Strategic Income Fund (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 and will manage the Perpetual Income and Growth Investment Trust.
These changes are with immediate effect and reflect the importance we place on stability and teamwork to ensure investment objectives are met.