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Ex-Aberdeen chief takes on Invesco Euro fund

Stephanie Gerrard, former head of pan-European equities at Aberdeen Asset Management, is taking over Invesco Perpetual&#39s £915m European growth fund in a bid to reverse its ailing performance.

Gerrard, a highly respected European manager, is replacing Alister Hibbert, who has failed to dislodge the fund from the bottom of the performance tables since taking over in late 2001.

Under his tenure, the fund has fallen by 21.1 per cent while, over three years, it is down by 61.19 per cent against a sector average of -36.95 per cent.

Hibbert will remain in the team but concentrate on running institutional mandates.

Gerrard will be supported by Jeff Taylor, who heads the European equities team. He will continue to run the European equity fund with the help of John Surplice.

Chelsea Financial Services managing director Darius McDermott says: “Gerrard is a very good manager and she may prompt us to take the fund off our sell list. Nevertheless, it is still a long way from being an outright buy.”

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