It has been announced today (15th May 2020) that Mark Barnett will leave Invesco after working at the company for 24 years, with immediate effect. This comes after a review of their UK Equity product range following a period of disappointing performance and listening hard to client feedback.
Fund managers James Goldstone and Ciaran Mallon taking are over as co-managers of the open-ended funds that Barnett was responsible for.
As well as changes in fund management the review has also led to the proposed reorganisation of the firm’s UK Equity product portfolio. This will include a clear distinction between the Invesco High Income Fund (UK) and the Invesco Income Fund (UK). In particular the Invesco High Income Fund (UK)’s objective will be clarified to assist with investors’ understanding of the income objective and benchmarking of the fund’s income.
Also proposed is the merger of the Invesco UK Strategic Income Fund (UK) with the Invesco Income Fund (UK).
Any changes to the fund range will be subject to FCA approval and shareholder notification and in the case of the proposed merger, subject to the approval of shareholders in the Invesco Strategic Income Fund (UK).
More information about these planned changes can be found on Invesco’s website
We welcome the fact that Invesco have recognised a period of poor performance and have put a plan in place to address this after listening to feedback from their clients. We will keep you up to date with more information as we receive it.
This article is for information only and reflects the author’s views at the time of writing, which are subject to change. Past performance is not a guide to future returns and the value of an investment and the income from it can fall as well as rise. This should not be regarded as a recommendation or solicitation to invest. If you are in any doubt about the suitability of an investment for your needs, you should seek professional advice.