Invesco is to ditch the Perpetual brand on its offshore fund range when the two firms merge later this year.
Five of Perpetual's 14 offshore funds will be liquidated and the remainder will be either rebranded under the Invesco name or merged into one of its existing 56 offshore funds. The consolidated offshore range will contain a total of 62 funds.
The five funds to be closed are Perpetual's offshore Latin American growth, US Dollar bond share class, international bond share class, US dollar money market share class and sterling money market share class.
The surviving Perpetual funds will be redomiciled from their Jersey base to Dublin, where the majority of Invesco's offshore funds are administered.
Invesco will announce the full details and timetable of the restructure later this month but says it hopes to complete the operation by the third quarter of the year. It is expected that unitholders of the liquidated and merged funds will have the option of a free roll-over into any of the consolidated Invesco offshore range.
Invesco says it has disbanded the Perpetual brand on the offshore range as it is not as globally well recognised as the Invesco name.
However, Perpetual's name will survive in the UK, with all onshore funds being rebranded under the Invesco Perpetual name from April.
Invesco International managing director of offshore sales Richard Thompson says: “We purchased Perpetual for its fantastic presence in the UK retail market. But in the majority of global markets, the Perpetual brand has virtually no presence at all. Given the fact that we already have a building brand in the name Invesco, we would be loath to dilute that when we do not think it would really add any value.”