Former Invesco European manager Rory Powe is to return to the funds industry with the launch of bout...
Former Invesco European manager Rory Powe is to return to the funds industry with the launch of boutique asset management firm, Powe Capital Management.
The firm, which has yet to receive FSA approval for launch, will see Powe seek assets through institutional channels and discretionary fund of hedge fund managers.
Powe, who made his name running the Invesco Perpetual European Growth fund, now £1.49bn in size, intends to launch, subject to regulatory approval, a European long/short hedge fund during February.
He did not rule out offering a European long only fund at a later date. He has hired a trader, chief operating officer and risk specialist, none of whom were ex-Invesco, he said. He would not be drawn on whether he was seeking to recruit fund manager support.
He left Invesco at the end of 2001 following a period of severe underperformance in his retail fund. His mid cap style is seen as much better suited to managing smaller amounts of money rather than the multi-billion pound mandates he ran at Invesco.
According to Standard & Poor's, at the point Powe resigned, the fund was ranked 98 out of 98 funds in the Europe excluding UK unit trust sector in the 12 months to 22 August with negative returns of 48.5% compared to a sector average of -25.8%.
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