Invesco announced today (June 9) Mr Taylor would leave the fund house at the end of the year after 23 years at Invesco and almost two decades in his position as head of European equities.
Mr Surplice, who currently co-manages the Invesco European Equity fund with Mr Taylor, will work alongside Mr Taylor for the rest of the year as co-head of the team before assuming the role of head of European equities from January 2021.
He has been at Invesco for 24 years and co-manages several funds within the European equities team.
Invesco said the investment strategy and process across the portfolio would remain unchanged.
The manager changes will also see James Rutland — previously part of Schroders’ equivalent team — join Invesco to co-manage the Invesco Pan European Focus Equity Fund and the Invesco European Opportunities fund alongside Mr Surplice.
Mr Taylor said: “I’m fortunate to work with very talented and experienced investors who are all focused and committed to delivering the best outcomes for our clients.
“In planning for a successor, it was crucial to ensure consistency in our investment philosophy and process. Mr Surplice shares my vision for the portfolio and team and has a deep understanding of our clients’ ambitions, as well as strong leadership qualities.”
Chief investment officer Stephanie Butcher thanked Mr Taylor for his dedication over the years and his role in building a team of “highly talented and experienced investment professionals”.
Mr Surplice said he was looking forward to continue working with Mr Taylor for the rest of the year and thanked him for his support during their shared time at Invesco.
He added: “The personal development of the team has always been high on his agenda and it will continue to be high on mine.
“I would also like to welcome Mr Rutland to the team, he has a thorough knowledge of European stocks which should benefit our clients and the team as it continues to strengthen its skill set and expertise.”
The changes at Invesco follow a significant shake up of its UK equities team last month. In May, the embattled fund house announced Mark Barnett, head of UK equities, was to leave with immediate effect after a prolonged period of underperformance.
Martin Walker took the helm and the firm announced it would merge the Invesco UK Strategic Income fund with the Invesco Income fund.
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