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Changes to Invesco’s UK equities product range and team

Invesco today announces important changes to its UK equity product range and investment management team, following a review overseen by Chief Investment Officer Stephanie Butcher.

Butcher, who was appointed at the beginning of the year, carried out the comprehensive review of the UK equity product range, recognising a period of disappointing performance and listening hard to client feedback.

Product and team reorganisation

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.

The second change is that it has been mutually agreed that Mark Barnett is leaving Invesco, 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 team changes are with immediate effect and reflect the importance we place on stability and teamwork to ensure investment objectives are met.

UK ICVC, Investment Trust & Pension Fund – Proposed changes

Fund Changes*
Invesco High Income Fund (UK)
  • Ciaran Mallon & James Goldstone appointed as Fund Managers
  • Clarification of the fund objective around income
  • Name changed to “Invesco UK Equity High Income Fund (UK)”
  • Change distribution frequency to quarterly
Invesco Income Fund (UK)
  • Ciaran Mallon & James Goldstone appointed as Fund Managers
  • Clarification of the fund objective
  • Name changed to “Invesco UK Equity Income Fund (UK)”
Invesco UK Strategic Income (UK)
  • Ciaran Mallon & James Goldstone appointed as Fund Managers
  • Merge the fund with the Invesco UK Equity Income Fund (UK)
Invesco UK Growth Fund (UK)
  • Name changed to “Invesco UK Opportunities Fund (UK)”
Invesco UK Focus Fund (UK)
  • Merge the fund with the Invesco UK Opportunities Fund (UK)
Invesco European Opportunities Fund (UK)
  • Adrian Bignell to no longer be co-manager of the fund, John Surplice to continue managing the fund
Invesco European Smaller Companies Fund (UK)
  • Erik Esselink appointed as Fund Manager replacing Adrian Bignell
Invesco UK Equity Pension Fund
  • Ciaran Mallon & James Goldstone appointed as Fund Managers
Perpetual Income and Growth Investment Trust
  • Martin Walker appointed manager until portfolio transitions to new manager

 

*Subject to FCA approval and in the case of the mergers, subject to approval of shareholders in the Invesco UK Strategic Income Fund (UK) & Invesco UK Focus Fund (UK). The fund manager appointments are with immediate effect.

 

Butcher commented: “In reorganising the UK Equities portfolio and after discussion with Mark Barnett, we have mutually concluded that this is the right time for him to hand over the leadership of these funds and leave Invesco; we wish to place on record our appreciation of Mark’s profound commitment to both clients and colleagues over 24 years.

“It is a credit to the quality of our team that we have the experience and capabilities of both James and Ciaran, who have worked together for seven years, to take on these new roles. They are highly regarded investment professionals with long-term track records of managing portfolios, both individually, and in partnership with other fund managers. They place a high value on collaboration and their investment styles are highly complementary, reflecting the diversity of thought within the UK team, generating the best ideas and outcomes for our clients.

“We remain committed to our valuation-driven investment philosophy and are confident that in James and Ciaran we have the right leadership in place to capitalise on the value that exists in the UK market and deliver long-term Investment results for our clients.”

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