Invesco Perpetual is to merge two of its US smaller company vehicles into a third existing fund in a bid to "reinvigorate" its US equity business.
It is writing to advisers to inform them the Invesco Perpetual US Aggressive fund and the Invesco Perpetual US Smaller Companies fund will join the £274m Invesco Perpetual US Equity fund on 23 May.
Invesco says the merged product will be run by newly-appointed US fund manager Andrew Shard, who replaces Ian Brady, and focus on investment in larger companies.
Bob Yerbury, both chief executive and chief investment officer at Invesco Perpetual, says: “In focusing our investment expertise into a single broad-cap US equity fund and with the appointment of Andrew Shard we are taking the necessary steps to reinvigorate our US equity business.
“Invesco Perpetual first launched a US Equity fund in September 1983 and as group we have over 25 years experience in managing US equities from Henley.”
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