...as Invesco reshuffles its equity team with promotion of veteran

 
Michael Bow
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THE MAN filling Neil Woodford’s shoes following his departure from UK fund manager Invesco Perpetual will be Mark Barnett, a 17-year veteran of the company.

Barnett will take over Woodford’s High Income and Income funds when the seasoned manager departs the company in April next year.

Barnett currently runs the UK Strategic Income Fund, which has outperformed Woodford’s funds and the rest of the sector so far this year. He also runs the Keystone Investment Trust.

Barnett, who will also take over as Invesco Perpetual’s head of UK equities, started investing in 1992, running money at the now defunct Mercury Asset Management before joining Invesco in 1996.

Another Invesco veteran, Ciaran Mallon, who has been at the firm for eight years, has also been appointed to run two of Woodford’s smaller funds, the distribution fund and monthly income fund plus.

Mark Armour, chief executive of Invesco Perpetual, said: “We have planned for succession for many years and have built a world-class investment culture that develops and supports gifted and experienced managers. Mark Barnett is an exceptional fund manager who has the same active, value-driven investment approach and long-term focus as Neil.”