The chief investment officer of embattled fund giant Invesco is leaving the business after nine years in the role, the company has confirmed.
Invesco told FTAdviser today (October 2) that Nick Mustoe is leaving the business, and it is understood he will take some time out and then pursue other opportunities within the industry.
The departure comes as latest data from Morningstar showed the Henley-based firm has been dealing with outflows of £625m a month across its fund range in the year to August.
The outflows have largely come from the UK equity and Total Return funds.
Mr Mustoe will be replacement by Stephanie Butcher, who has been an Invesco employee for 16 years and works on the European equities desk.
Prior to joining Invesco, she worked at Aberdeen Asset Management at Lazard Asset Management, mostly as a US equity fund manager.
She will work alongside Mr Mustoe for a three month transition period, and become chief investment officer in January 2020.
Mr Mustoe said: “We have an incredibly talented and experienced investment team in Henley, so I’m delighted we were able to identify a successor from within.
"Stephanie has a deep understanding of Invesco’s investment philosophy and ambitions, as well as exceptional leadership qualities. I look forward to working closely with her for the rest of the year.”
Ms Butcher added: “I look forward to working alongside Nick this year and transitioning to my new role.
"I’m fortunate to work with very talented and experienced investors, committed to delivering strong investment outcomes for our clients.
"Fundamentally, we are long-term, conviction investors, seeking to play an active role as portfolio managers and stewards of our clients’ capital.
"I’ll be focused on continuing to strengthen and evolve these capabilities in order to meet the changing needs of our clients well into the future.”