The co-heads of the £25.5bn Henley Fixed Interest team at Invesco are to retire at the end of this year.
Paul Causer (pictured) and Paul Read (pictured below), who have worked together at the firm for 26 years, will hand over the reins to Michael Matthews and Thomas Moore on January 1 next year.
In a statement Causer and Read said: “This has been a very big decision for us. We are proud of our achievements and enjoy our role and the people we work with.
"However, we feel that in Michael and Thomas we have two excellent leaders as well as a broad and deep team of people that is ready to take on the full responsibilities to serve our clients and take the team forward for many years to come.
The pair have built the Henley fixed interest team at Invesco from a team of three to 28 people during their tenure, which began in 1995, and the team currently has 10 fund managers.
“We have been planning this for more than 10 years and we will continue to use the rest of 2021 to help the team complete the handover and to give clients plenty of time to be comfortable with the final step of the transition.”
The pair said there would be no change to the team’s investment philosophy which is rooted in “quality fundamental research”.
Matthews joined the fixed interest team at its foundation, and currently co-manages a corporate bond fund with Causer. He previously worked across the team’s money and foreign exchange market activities.
Moore has 21 years of fixed interest experience, and prior to joining Invesco five years ago he led Morgan Stanley’s European credit research team.
Last summer Invesco shook up the fixed interest team, with Read stepping down from his management role on three funds.
Read stepped down as manager of the Invesco distribution, tactical bond, and monthly income plus funds but maintained his management role on the global income fund.
Stephanie Butcher, chief investment officer at Invesco, said: “We are very fortunate to have a fixed interest team as strong as we do in Henley. It is a testament to the leadership of Paul Causer and Paul Read that we are in this position.
“After 26 years together at Invesco and each with a near 40-year career in finance, their retirement is well deserved. In Michael Matthews and Thomas Moore we have an excellent combination of leadership skill and experience.
“Across the entire team we have a deep pool of talent and I am excited about what they will continue to achieve for our clients.”
The industry has paid tribute to the pair, with Darius McDermott, managing director of FundCalibre, saying the news was a ‘blow’ for investors.
“Invesco is losing a wealth of experience from the team. But it isn’t a big surprise – Paul Read had already moved away from a number of funds," he said.