Slack returns prompt Invesco to merge US funds

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INVESCO Perpetual is planning to merge its trio of US funds, following a period of underperformance.

The US Aggressive fund and the US Smaller Companies fund are being merged into the US Equity fund. Andrew Shard, who currently runs the range, will continue at the helm of the consolidated portfolio. Shard took over the management of the US funds in February this year from interim manager Bob Yerbury, following Ian Brady's departure in December 2007. The £25.35m US Smaller Companies fund has returned -19.43pc against the IMA North American Smaller Companies sector average of -6.1pc over one year, while the US Aggressive fund has returned an average of -24.4pc against the IMA North Ame...

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