Invesco Perpetual star European manager Rory Powe has quit the firm to manage an independent hedge fund.
Powe has managed the £2bn fund since January 1991, and is ranked first quartile over 10 and five years. However, Powes heavy bet on technology last year sent the fund plummeting to the bottom of the performance tables since last March. Over the past 12 months alone, the funds value has fallen by more than 50 per cent.
Powe will continue to run the fund until his departure at the end of the year, after which Alistair Hibbert will take over. Hibbert has worked on the Invesco European desk alongside Powe for the past three and a half years.
Invesco Perpetual have come under fire from some IFAs for the bad timing of the announcement. However, chief executive Mike Webb says: "You cant help the timing of it. We want to be as open as we can be with the market.
"Were very sorry to see him go, but weve got a very strong European team its not just Rory. As far as IFAs are concerned, they will be able to see Alistair and Rory jointly at the roadshows we are doing in October."