Invesco Perpetual has revealed the details of the new strategy for its recent GARs hires.
Launching today, the Invesco Perpetual Global Targeted Returns fund will have a performance target of 5 per cent per annum above UK 3-month Libor on a rolling three-year basis.
In the IMA Targeted Absolute Return sector, the fund will have a minimum initial investment of £500 and a charged of 5 per cent – with top ups of £100 and an ongoing charge of 1.6 per cent.
The fund will be managed by David Millar, Dave Jubb and Richard Batty, who joined the asset manager after working on SLI’s flagship GARS offering.
Money Marketing revealed last week that Invesco was preparing the launch for the three managers.
Millar is head of multi-asset at Invesco Perpetual; Jubb and Batty are fund managers.
The three were seen as key personnel on the GARS fund, which recently was hit by the departure of SLI global head of multi-asset Euan Munro.
Millar says: “Being provided with the opportunity to bring our multi asset experience to a truly global firm such as Invesco Perpetual, and sit amongst some of the best like-minded long-term fundamental thinkers is a privilege.
“This strategy, combined with the fact that we can draw on the immense intellectual capital of Invesco Perpetual gives us the ability to create something market leading.”