Stephen Anness is to take over the management of the £53m Invesco Perpetual Global Opportunities fund and in the process hand over the running of his UK Aggressive fund to Martin Walker.
Walker, manager of the Invesco Perpetual UK Growth fund, will assume the running of the £122m UK Aggressive fund which Anness has run since June 2008, on 1 January 2013. At the same time Anness will become the named lead manager of Global Opportunities, which is currently managed by the group’s global equity group.
Nick Hamilton, the head of global equity products at Invesco Perpetual, says Anness has been a member of the global equity group since its inception four years, providing input for stock ideas. Indeed all the stocks held in the UK equity portion of the Global Opportunities portfolio are also held in his UK Aggressive fund, says Hamilton.
The global equity group is made up of eight members, comprising of one manager of each of the Invesco’s regional desks. Given Anness’ prior involvement on the fund Hamilton says there will not be wholesale changes made to the portfolio when he assumes the lead manager role next month.
He says: “Stephen brings two areas of focus, his successful track record with running concentrated portfolios and that he is a great stockpicker. He will now own the fund’s track record and over time I expect he will make changes, but not radical ones.”
Invesco has also launched a US mutual fund version of Global Opportunities which Anness will also manage.
Launched in 1997, the UK version of the fund, has returned 25.7 per cent over the last years to 12 December, versus the IMA Global sector average return of 17.8 per cent, according to FE. Hamilton says recent performance has been aided by the portfolio’s underweight stance in the US and it not having a large defensive bias.
Meanwhile in terms of the UK Aggressive manager switch, Nick Mustoe, chief investment officer at Invesco, says: “Giving Martin Walker management of both the Invesco Perpetual UK Growth fund and the Invesco Perpetual UK Aggressive fund is a logical move that will give one of our most experienced UK managers the chance to express his high conviction ideas in a more concentrated portfolio.”