Invesco Perpetual has appointed Andrew Shard as manager on its struggling US funds.
The move, revealed on Moneymarketing.co.uk, sees Shard take on the £322m US equity, £30m US smaller companies and £9m US aggressive funds from interim manager and chief executive/investment officer Bob Yerbury.
The range has performed poorly, with the equity and aggressive funds propping up the IMA North American sector over three and five-year periods. Fund manager Ian Brady left in December last year.
All three funds’ consistent underperformance is recognised in Bestinvest’s Spot The Dog which highlights funds that fail to beat their benchmark index in each of the past three years and underperforming their respective index by 10 per cent over that time.
Shard joined Invesco Perpetual in November 2007 and has covered US markets at CIS Insurance, Halifax Fund Management and Lehman Brothers during a 20-year career.
Chelsea Financial Services managing director Darius McDermott says: “I know nothing about Shard. The fund will not be on our buy list any time soon.”