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IFAs have praised the decision of Invesco Perpetual's Bob Yerbury to step down as chief executive in September and continue his role as chief investment officer.

The announcement has made way for the firm's head of operations and technology, Atlanta-based James Robertson, to take the reins.

Meera Patel, senior funds analyst at Bristol-based IFA Hargreaves Lansdown, said: "We saw him regularly and have a great deal of respect for him, but it does not surprise me. He’s always been an investment man and lives and breathes to manage money. In fact it was a bit of a surprise when he took up the job."

Mr Yerbury runs the £1.36bn International Equity fund, the £245.9m World Growth portfolio and the £217.4m World Income fund, as well as a range of international portfolios.

"I’d rather he focused on the funds than having lots of extra-curricular activities," Ms Patel said.

Mr Yerbury was made chief executive officer and chief investment officer of Invesco Perpetual in 2004 and has been with the firm for 25 years. Invesco said he will work with his successor to ensure there is a smooth transition

During his time in charge, he presided over a significant period of growth. Since 2004, Invesco has risen from the UK's fourth-largest investment house by assets under management to its first.

The firm has sought to reassure investors that its investment management structure will remain unchanged.

Nick McBreen, an IFA at Truro-based Worldwide Financial Planning, said: "Bob Yerbury has done a lot to build up the depth and breadth of their UK business. I am not familiar with their new appointment but I expect Invesco to have found someone who is very capable."

Mr Robertson has more than 25 years' experience in the investment management industry in various roles at a number of companies around the world.