Wednesday 22 July 2020 12:11 pm

Invesco bond bosses step back amid fund reshuffle

Invesco has reshuffled its fixed interest management team with bosses Paul Read and Paul Causer both stepping back from their management roles on a series of a funds.

Read is stepping down as manager of the Monthly Income Plus fund but will keep his management role on the £49.2m Global Income fund.

Read more: Woodford protege Mark Barnett leaves Invesco after 24 years

He and Causer will also hand over the management of the £182m Merchant High Yield trust to co-manager Rhys Davies, who is among those taking a promotion.

The troubled fund house today said it was promoting a number of fund managers as part of its “ongoing process to develop and nurture talent within our business”.

Senior analyst Tom Hemmant will become co-manager of Invesco’s corporate bond and high yield funds. While Davies, currently the portfolio manager of Invesco’s credit investment trusts will join the Invesco Monthly Income Plus fund as a manager.

The restructure will take effect from 31 August 2020.

Edward Craven will run the Invesco Distribution fun, Jack Parker and Stuart Edwards will help manage the Tactical Bond fund, while Alexandra Ivanova will become co-manager on the Invesco Global Income fund.

In a statement, Read and Causer 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.”

Read more: Goldman Sachs in talks to buy Invesco holdings

It is the latest shake-up since chief investment officer Stephanie Butcher took over in January 2019. In May Invesco said it had been “mutually agreed” that Neil Woodford protege Mark Barnett would leave the firm after over two decades.

It came weeks after the embattled fund manager was sacked by Perpetual Income and Growth Trust after more than two decades. The trust’s board said it was concerned with Invesco’s “poor performance.”

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