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Invesco new generation moves in as Burke steps down

Invesco Perpetual UK growth and UK aggressive fund manager Ed Burke is stepping down from day-to-day fund management to take early retirement.

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.”


FSA bolsters institutional unit

The FSA has appointed Jeremy Bennett, David Smith and Simon Stockwell as senior advisers in the wholesale and institutional business unit.

Debt reckoning

You can do anything with figures to put a gloss on a situation or to make something look stupid. For example, even if Derby County had got 28 points a win, they would still have been relegated.

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


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