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Invesco plans to merge US fund trio

Invesco Perpertual is to merge its underperforming £20m US smaller companies and £8m aggressive fund into its US equity vehicle, Money Marketing understands.

The US range has been a thorn in Invesco Perpetual’s side in recent times. Former manager Ian Brady left in December 2007 and was replaced by Andrew Shard in February this year.

Speaking on the US range in this weeks Money Marketing Invesco Perpetual chief investment officer and chief executive Bob Yerbury said: “I admit it does not look great but it is hard for any fund firm to be good at everything and it is important to recognise that we are looking to remedy the situation. Further additions to the team are also likely in the future.”

The changes are expected to take place on May 23.

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The correct target for the mortgage industry’s ire should be the Chancellor and the Governor of the Bank of England, not HBOS, Nationwide or even HSBC, whether their short-term actions are good or bad, fair or unfair.

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