Invesco Perpetual is relaunching an investment trust mandate it won in the summer as a multi-asset class vehicle that will include exposure to a fund of hedge funds.
Invesco Perpetual poached the £145m asset allocator investment trust from Merrill Lynch Investment Managers in July.
The renamed Invesco Perpetual select trust relaunches on Friday and will manage exposure to four sub-funds investing in UK equities, global equities, a fund of hedge funds and a managed liquidity component.
Head of international equ-ity products Kathryn Langridge will run the global equities portion, which will use a best ideas approach from across Invesco Perp-etual’s equities desks.
Langridge says: “It is an unconstrained sub-fund but we are initially positive on UK and Asia, building defensive stocks in Europe, cautious on Japan and emphasising large caps in the US.”
Perpetual UK income and growth investment trust manager Mark Barnett will head the UK equities sub-fund while the fund of hedge funds component will be outsourced to specialists Fauchier Partners.
Invesco Perpetual’s fixed-interest team heads Paul Causer and Paul Read will run the managed liquidity segment.
Head of specialist funds Graeme Proudfoot says: “It is different because we have four investment pro-ducts wrapped into one parent company in an unconstrained investment trust structure.
“It can move from sub-fund to sub-fund without tax or profit implications and we think that this type of structure, with the ability to switch assets, is attractive to lots of investors and we see it growing comfortably to two or three times its present size.”