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AMI picks Gummer as chairman

Star income fund manager Graham Kitchen is to leave Invesco Perpetual in September to pursue other interests, prompting many IFAs to put his portfolios, which comprise nearly £1bn of assets, on hold.

Kitchen, who is not joining a rival group, is handing management of his £715m income & growth fund to Andy Jones, his deputy of the past five years. Kitchen&#39s £180m UK equity fund is being taken over by Martin Walker while the underperforming £16m key trends portfolio will, for the time being, be run by the UK equity team. Another manager will be sought to bolster the team and support Jones in his new role.

Kitchen, who was also joint head of investment with Neil Woodford, has been managing the income & growth fund since 1995, delivering returns of almost 150 per cent. He moved to Invesco&#39s Henley office last summer following the group&#39s restructuring although he has been working alongside Woodford, as Invesco&#39s top fund manager, for more than three years.

Invesco says Woodford will not be expected to increase his workload.

Kitchen says: “For personal reasons, I have decided that it is now the right time for me to pursue other career interests without the need to relocate my family. I am confident that the interests of investors are left in extremely capable hands.”

Chief investment officer Bob Yerbury says: “We have an extremely strong and experienced UK equities team led by Neil Woodford, and these funds will continue to be managed in the same style, drawing on the same resources.”

Whitechurch Securities investment director Gavin Haynes says: “Kitchen is highly regarded and he is a loss to Invesco. However, Woodford has been the main thrust of its income offering and the team is more than capable of coping.”

The Association of Mortgage Intermediaries has appointed John Gummer as its new chairman.

Charcol senior technical advisor Ray Boulger and Legal & General housing and marketing director Stephen Smith have been elected deputy chairmen.

Gummer is Conservative MP for Suffolk Coastal, and is a former Tory agriculture secretary and is also the chairman of AMI sister trade body Aifa.

AMI policy adviser Ben Stafford says the board wanted the deputy chairmen to represent networks and directly authorised firms and be industry figures who could use their experience to advise the trade body.

Gummer takes over from Charles Gooding.

AMI director Chris Cummings says Gummer is extremely well connected and has an excellent knowledge of the finance industry.

He says: “We have a chairman of the highest standing who is an ex-Cabinet minister and who is well respected by the regulator. He is supported by two leading industry figures on each side of the regulatory road.”


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