Invesco and Perpetual are to reduce their joint fund range from 48 funds to 33 by the end of the year as part of the mer-ger of the two groups.
The restructure of the company will see all funds rebranded under the Invesco Perpetual brand by the end of the fourth quarter but will aim to retain the independent management styles of the two houses. No funds are to be disbanded.
The growth fund range will largely consist of former Invesco funds while the core range will be mostly Perpetual funds. The income fund range will be the least altered, with Invesco's Graham Kitchen and Perpetual's Neil Woodford continuing to manage their existing funds.
The rebranding starts on April 6, with all but 15 funds changing to the Invesco Perpetual brand from that date. The 15 funds will be merged into Invesco Perp etual range, subject to unitholder approval in the last quarter of the year. Ten funds will be renamed as well as rebranded.
All funds will retain their current names and status until the end of the current tax year.
The new fund range will see both core and growth funds in six of the main fund management sectors: UK all companies, UK smaller companies, Europe excluding UK, North America, Japan and global.
Invesco chief executive Mike Webb says the distinction between core and growth funds was not an indication that the firm was making a move into the style market, stressing that core was not a synonym for value.
He says: “Schroders has taken a different approach with their style funds but both Perpetual and Invesco tend to run more adaptive investment styles.”