Invesco Perpetual is to streamline its UK equities range following the decision by Ed Burke to take early retirement for personal reasons.
He will be replaced on the £1bn plus UK Growth fund by Martin Walker whose UK Opportunities portfolio will be merged into the vehicle.
Walker will also take over the Invesco UK Equity fund and the UK component of the Invesco Perpetual International Equity fund.
Meanwhile, Walker’s Invesco Perpetual UK Focus fund will be merged into the UK Aggressive fund to be run by Stephen Anness.
The proposed mergers are subject to FSA and shareholder approval.
Neil Woodford, head of investments, says: “Ed has achieved great success as a fund manager but individual circumstances alter and I respect the decision that he has taken. Invesco Perpetual has a highly talented investment team that has worked together for many years. Change is a fact of life, however, and we are well prepared as a result of our long-term succession planning.
“We have developed a strong “next generation” of talented fund managers in Henley and Ed and I are confident that Martin and Stephen are both extremely capable of taking over management of these funds.”
Commenting on the fund mergers, Ian Trevers, head of distribution, Invesco Perpetual, says: “In response to feedback from clients and their advisers we have been considering options for simplifying our UK equities fund range. The manager changes have provided a natural opportunity for us to implement our plans. ”
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