Invesco Perpetual UK equity head Mark Barnett has handed over a second investment company mandate to James Goldstone as he steps back from the £250m Keystone trust.
The trust has also cut the fee payable to Invesco from 0.6 per cent to 0.45 per cent of its market cap.
The change follows Mr Goldstone's appointment as Mr Barnett's replacement as manager of the UK portion on the Invesco Perpetual Select Trust. Mr Goldstone has worked with Invesco Perpetual's UK equity team for five years and already manages institutional mandates.
Keystone chairperson Beatrice Hollond noted that Mr Barnett's responsibilities outside of the trust's management have grown "significantly" over his 14 years in charge.
She added: "The board believes that the time is now right for [Mr Barnett] to pass the baton to one of the rising stars of his team. The board has been highly impressed by James Goldstone and is confident that he is the right investor to take over management."
According to FE Analytics, Mr Barnett's strategy has struggled of late, returning 10 per cent over three years compared with an 18 per peer average and 27 per from the FTSE All-Share index.