Rhys Davies has been promoted to co-manager of the £157.5m City Merchants High Yield investment trust from his previous role as deputy manager.
Mr Davies, who has been deputy manager since 2014, will now co-manage alongside existing managers Paul Causer and Paul Read.
Since joining Invesco Perpetual in 2002, Mr Davies spent more than a decade as an analyst on the portfolio and also serves as deputy manager on the Invesco Perpetual Enhanced Income Limited fund.
Invesco said the promotion was not related to succession planning on the trust, but recogonition of Mr Davies’s work.
The City Merchants High Yield Trust has returned 26.9 per cent over three years, according to FE Analytics, and is currently trading at a 0.1 per cent premium to net asset value, based on data from the Association of Investment Companies.
