Invesco raids Gars team for multi-asset income launch

Invesco raids Gars team for multi-asset income launch

Invesco Perpetual has hired a fourth fund manager from Standard Life Investments to join its multi-asset team, ahead of a planned multi-asset income launch.

Sebastian Mackay, an investment director at SLI within its multi-asset team, will join Invesco in September this year as part of the multi-asset team running the Global Targeted Returns fund.

Invesco launched the fund in 2013 after poaching head of multi-asset David Millar and fund managers Dave Jubb and Richard Batty from SLI’s Gars team.

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Mr Mackay becomes the 11th member of Invesco’s multi-asset team as the company gears up to launch an income version of its £5.7bn strategy.

Of Mr Mackay, Mr Millar said: “His strong macro background from time as an economist on the bond team with me at Swip, combined with the extensive fund management expertise he gained both there and at SLI, makes him the ideal candidate to take forward our offering into the multi asset targeted income space.”

Chris Lyes, head of UK retail sales at Invesco, added : “With Sebastian joining our multi asset team, this allows us the opportunity to further develop our product offering.

“There is strong need for an income type product and it would be a natural progression for Invesco Perpetual.”

At SLI, Mr Mackay worked on the Global Absolute Return Bond Strategies fund - the company’s bond-focused version of its flagship portfolio - and also on Gars itself.

Prior to joining the firm in 2011, he worked at Scottish Widows Investment Partnership (Swip) alongside Mr Millar.