Powe plans boutique and hedge fund

European fund manager Rory Powe is to leave Invesco at the end of the year to set up a boutique asset management house and launch a hedge fund. Invesco Perpetual has reacted to Powe's resignation by appointing Alister Hibbert as manager of the fund, which now has assets under management of close to £2bn, down from a peak of about £3.5bn in March last year. Powe said that his plans are in the early stages, but his intention is to launch a long/short European equity hedge fund in the first half of the New Year. Powe told Investment Week that the fund would be a bottom-up, stockpicking p...