Mark Barnett has assumed responsibility for Neil Woodford’s funds with immediate effect, earlier than the scheduled takeover originally planned for the end of April.
Woodford’s departure from Invesco Perpetual was first announced in October last year.
Barnett will now oversee the £13.1bn Invesco Perpetual High Income and £8.4bn Invesco Perpetual Income funds as well as the Invesco Perpetual UK Equity Pension funds, with effect from 6 March.
Invesco Perpetual chief executive Mark Armour says: “Client response to Mark Barnett has been extremely positive. Our transition plans have progressed well since October, and Mark is ready to assume responsibility for the funds.”
Barnett adds: “I am pleased to take on the management of these funds, working with my colleagues in one of the most highly regarded investment management teams in the UK.
“We will continue to take the active, value-driven investment approach with a long-term focus that has contributed to the funds’ strong performance over the years.”
Woodford is still due to leave the firm as originally planned on 29 April.
Armour adds: “Neil has continued to focus on delivering strong investment performance for investors during the transition period, and will now concentrate on managing a number of segregated accounts until his departure.”
After he leaves, Woodford will go on to form his own asset management venture, Woodford Investment Management, at Oakley Capital.
Bestinvest managing director Jason Hollands says: “This is not surprising because even though a departing manager may be held to a notice period, it is not unusual for
their replacement to take over as soon as is practical ahead of that.”