Equities  

Invesco Perpetual’s Richard Smith to retire in 2014

Invesco Perpetual’s UK smaller companies manager Richard Smith is set to retire in 2014, with Jonathan Brown taking on sole management of his funds.

Mr Smith currently co-manages the £497.7m Invesco Perpetual UK Smaller Companies Equity fund and the £162.8m Invesco Perpetual UK Smaller Companies investment trust with Mr Brown.

Mr Brown will take over sole management of both funds on 30 December and Mr Smith will stay on for a short period before retiring in 2014.

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Mr Smith has been in the industry for more than 40 years, initially with Triumph Fund Managers before moving to Lazard to eventually become investment director of its small cap business. He joined Invesco in 2002 and has been managing the two smaller companies funds since then.

His open-ended fund is currently in the fourth quartile for performance in the IMA UK Smaller Companies sector in one year and five years. It is in the second quartile for ten years, having delivered a 249.2 per cent return during the period compared to the sector average of 204.1 per cent.

The investment trust is in the third quartile for performance in its sector for one and five years but its 10 year return of 348.3 per cent has outperformed the sector average of 271.3 per cent.

Mr Brown joined the Invesco in 2000 and became co-manager on both the open ended fund and the investment trust in March 2011.