Troubled fund house Invesco has reshuffled its fixed interest management team as co-head Paul Read steps down from his management role on three funds.
Invesco announced today (July 22) that several fund managers were expanding their responsibilities within the fixed interest team, while two senior analysts were promoted to assume co-fund manager roles.
Paul Causer, co-head of fixed interest at Invesco, said: “We regularly review responsibilities within the team and are very proud of the franchise we have established over 25 years.
“We believe by continually recognising and rewarding the commitment and contribution these individuals make, we will ensure our clients continue to receive the depth of investment expertise and diversity of thought their investments deserve.”
Tom Hemmant, senior analyst at Invesco, will become co-manager of Invesco’s Corporate Bond and High Yield funds while Rhys Davies, currently portfolio manager of Invesco's credit investment trusts, will join the Invesco Monthly Income Plus fund as a manager.
Edward Craven will become a manager on the Invesco Distribution fund, Jack Parker and Stuart Edwards will help run the Tactical Bond fund and Alexandra Ivanova will be named co-manager on the Invesco Global Income fund.
Mr Read will step down as manager of the Invesco Distribution, Tactical Bond and Monthly Income Plus funds but will maintain his management role on the Global Income fund.
The shakeup will take effect from August 31 this year.
Changes have also been made to the management team of Invesco’s investment trusts.
Stock exchange filings, also published today (July 22), show Mr Davies will be named lead manager of both the Invesco Enhanced Income trust and the City Merchants High Yield trust.
Mr Craven has been appointed as deputy portfolio manager to assist Mr Davies while Mr Read and Mr Causer, co-heads of the team, will step back as co-fund managers but continue to provide support.
Invesco said: “The changes represent a natural progression recognising Rhys’s success as the company’s portfolio manager and bringing on Edward Craven to work with him as a deputy portfolio manager.
“Rhys and Edward have our continuing support and that of the fixed interest team.”
The changes to the trusts take place today (July 22).
These are the latest in a string of changes to Invesco’s investment teams since Stephanie Butcher, chief investment officer, took the helm in January last year.
In May, it announced it had been “mutually agreed” that embattled fund manager Mark Barnett was to leave the firm after 24 years following a prolonged period of underperformance.
Other changes at Invesco included a reorganisation of the Invesco UK Equity product range.
Ms Butcher said she was proposing to introduce a clear distinction between the Invesco High Income fund and Invesco Income fund by clarifying the High Income fund’s objective.
Invesco also looked to merge the Invesco UK Strategic Income fund with the Invesco Income fund.