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Hargreaves Lansdown putting Invesco Perpetual fund range on hold

Hargreaves Lansdown has put the entire Invesco Perpetual fund range on hold after the fund manager announced it is undertaking a further program of internal restructure.

Hargreaves Lansdown head of research Mark Dampier says he has been wary of the stability in the group over the past few months following the departure of several fund managers and sales staff this summer.

With the lock-in clauses on many of Perpetual&#39s fund managers expiring in 2002, Dampier is concerned there could be a further wave of departures next year. Star income fund manager Neil Woodford is thought to be one of the managers who could leave next year.

The decision to put the fund range on hold came this week after Invesco Perpetual announ-ced it was to overhaul its distribution division, resulting in the redundancy of long-term UK sales director Stuart Alexander.

Dampier says: “I know that the lock-in for the Perpetual managers finishes next year, and I am a bit concerned that they are all going to leave. I do not want to carry on buying funds and find that I have to switch them all in three or four months time. I get the feeling that it is an unhappy ship at the moment.”

Invesco Perpetual chief executive Mike Webb says: “We have to respect Mark&#39s view. But we are doing everything that we can to make sure that the environment for fund managers is one where they are happy.”

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