Invesco Perpetual has recruited veteran Nick Mustoe to take on Bob Yerbury’s chief investment officer responsibilities from later this year.
Yerbury will remain with the firm and this latest move is a further step in a phased retirement process which started in 2008.
He relinquished his chief executive officer position at that stage, handing the role to James Robertson.
Yerbury will continue to work with Robertson in his internal role as a senior managing director of Invesco and as part of the Invesco Perpetual management team.
He also maintains his fund management responsibilities, including the world growth, world income and global sma-ller companies funds.
Mustoe is to take up his CIO position on June 7 and will work with Yerbury over the third quarter to ensure a smooth transition of the role.
Mustoe has over 25 years’ experience, starting with Phillips & Drew as a UK equity manager and more recently in CIO roles at Pictet Asset Management and Hermes Pensions Management.
Skerritt Consultants head of investments Andy Merricks: “All big firms will have succession management handled at an early stage.”