Mark Barnett, a former protégé of UK stock-picker Neil Woodford, has left Invesco, following a review of the UK equity product portfolio.
Ciaran Mallon and James Goldstone will take over as co-managers of the open-ended funds Barnett was responsible for. Martin Walker will continue as head of UK equities and will manage the Perpetual Income and Growth Investment Trust.
The Invesco High Income Fund (UK) will be renamed the Invesco UK Equity High Income Fund (UK) and will switch the timing of its distributions to quarterly payments. The UK Strategic Income Fund will merge with the fund.
The Invesco UK Growth Fund will also be relabelled the UK Opportunities Fund and will be merged with the formerly-named UK Focus Fund.
The asset manager said it made the changes after recognising “a period of disappointing performance and listening hard to client feedback.”
Chief Investment Officer, Stephanie Butcher, said: “In reorganising the UK Equities portfolio and after discussion with Mark Barnett, we have mutually concluded that this is the right time for him to hand over the leadership of these funds and leave Invesco; we wish to place on record our appreciation of Mark’s profound commitment to both clients and colleagues over 24 years.”