Invesco Perpetual's £925m European Growth fund has its third manager in the space of 20 months, afte...
Invesco Perpetual's £925m European Growth fund has its third manager in the space of 20 months, after Stephanie Gerrard replaced Alister Hibbert on 31 July.
Hibbert, who took over the portfolio from Rory Powe in December 2001, will remain at Invesco as part of the seven-strong European team, managing various institutional mandates.
Gerrard joined Invesco from Aberdeen Asset Management, where she ran the European Champions fund, on 1 July.
Head of UK distribution at the group, Mike Webb, said along with the manager change on European Growth, the fund is also to be run in line with the typical Henley valuation-based approach rather than as a pure growth portfolio.
European Growth will maintain its current risk/reward profile, however, retaining its position as the group's more concentrated European offering with around 50 stocks. Webb said the fund is likely to have a higher weighting in large caps to avoid liquidity issues, while European Equity will have a greater bias towards mid and small-cap stocks.
The group's head of European equities, Jeff Taylor, will support Gerrard on European Growth, while continuing as lead manager on the £356m European Equity fund, supported by John Surplice.
For new business, Webb said, the group will focus on Taylor's European Equity fund until performance improves on European Growth.
These European developments are the culmination of Invesco's unification of its investment team in Henley.
Under Powe's tenure, European Growth became one of the best known funds in the UK retail market, swelling to around £3bn in assets under management at the height of the technology boom.
Since taking over from Powe in December 2001, Hibbert has maintained a defensive stance that started to pay off early this year with top-quartile performance.
Over one year to 28 July 2003, the portfolio remains firmly in the bottom quartile, however, returning -7.4%, offer to bid, against a Europe ex-UK sector average of -3.7%, to rank 91 out of 103 funds in the peer group.
Over one year to 26 May 2003, Gerrard's Aberdeen European Champions fund, subsequently renamed European Opportunities, returned -27.1%, offer to bid, against a peer group average of -25.4%, ranking it 63 out of 106 in the Europe ex-UK sector.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till