https://ifamagazine.com/article/changes-to-invescos-uk-equities-product-range-and-team/
Ryan Hughes, head of active portfolios at AJ Bell:
“News that Mark Barnett has left Invesco will perhaps come as little surprise after the last couple years with performance suffering and questions being asked over the positions taken in the portfolios, particularly around illiquid small caps and unquoted companies. While Invesco would have been hoping that the steps taken to improve performance in recent months would have been sufficient, it is clear that making a clean break has been decided as the better course of action for both parties. With a review of the UK range also having taken place, Invesco clearly want to try and get their UK franchise back on the front foot, however it will take a long time for the new managers to turn around performance.
“Looking ahead, investors will need to think about whether they remain in the Invesco funds and further clarity will be needed from the new managers as to any portfolio changes that may be made.”
Adrian Lowcock, head of personal investing at Willis Owen, an investment platform in the UK, said:
“Barnett has struggled to produce the kind of returns the Income and High Income funds historically delivered, and other managers have stepped more firmly into the limelight. His close association with Woodford, a former protégé and sharing investments in illiquid assets created extra challenges and pressures for the manager and the business. His departure and subsequent restructuring of the Invesco UK equity fund range gives Invesco an opportunity to reset things.
“Nonetheless, this will leave the many thousands of investors who stuck it out with Barnett with a big decision to make.
“The fact is, there are other options out there that they can take now, who have proven track records, and this could, in the short term, result in further outflows from Invesco’s flagship funds.”
