The £1bn UK growth fund will pass to Martin Walker, whose £204m UK opportunities fund will be merged into the fund. Walker will also run the UK component of the international equity fund and the offshore UK equity fund.
The £283m UK aggressive fund will pass to Stephen Anness, with Walker’s £13m UK focus fund set to be merged into the aggressive fund.
Burke has been a strong performer but the past 12 months have seen both the UK growth and UK aggressive funds undergo a major downturn with bottom-quartile returns.
Head of investments Neil Woodford says: “We have developed a strong next generation of talented fund managers in Henley and Ed and myself are confident that Martin and Stephen are both extremely capable of taking over management of these funds.”
Chelsea Financial Services managing director Darius McDermott says: “Ed Burke has done a tremendous job and his departure will see us downgrade his funds from a buy to a hold. Invesco has succession planning but it does not help in their attempts to diversify away from Neil Woodford.”