Invesco has announced the departure of Mark Barnett, the fund manager of Invesco High Income and Invesco Income funds.
Stephanie Butcher, Invesco's newly appointed Chief Investment Officer carried out a review of the firms UK Equity business and due to a period of underperformance and client feedback it was mutually agreed that Mark Barnett would step down.
In his place, James Goldstone and Ciaran Mallon will become co-managers of the funds.
Stephanie Butcher added:
"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".
The changes also include a reorganisation of the asset manager's UK equity product portfolio 'to help add further clarity, differentiation and focus'.
This will include a clear distinction between Invesco High Income and Invesco Income, with the former's objective to be clarified.
Another of Barnett's funds - Invesco UK Strategic Income - will be merged with Invesco Income, subject to regulatory and investor approval.
Source: www.trustnet.com
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- uploaded - 19 May 2020