Richard Smith, with who Brown has co-managed the fund since February 2011, handed over the reins on the fund on 30 December, pending his retirement.
Retirement pending
Smith joined Invesco in 2002 after 17 years at Lazard Asset Management, having begun his career at Triumph Fund Managers. He is going to continue to work with Brown – who has also been promoted to head of UK smaller companies – on the portfolios for a while longer, although not as a named manager.
A spokesperson confirmed there is no fixed date for his actual retirement, but he is expected to leave Invesco later this year.
As a result of the change Morningstar OBSR has downgraded the fund’s Analyst Rating from Bronze to Neutral, citing the fact that Smith’s notable UK small-cap equity experience and expertise will be a significant loss for the fund going forward.
The £168m Invesco Perpetual UK Smaller Companies Investment Trust has also been downgraded to Neutral for the same reason.
UK equity reshuffle
The fund manager change is one of a number on the firm’s UK equity and UK equity income ranges following the announcement in October last year of Neil Woodford’s departure in April this year. Mark Barnett will take over as head of UK equities on 29 April when Woodford moves to Oakley Capital.
He will manage the Invesco Perpetual High Income, Income and UK Equity Pension funds previously run by Woodford. In addition, Ciaran Mallon has already taken over management of the UK equity components of the Invesco Perpetual Monthly Income Plus and Distribution funds.
Barnett also runs the firm’s UK Strategic Income fund, the Perpetual Income and Growth Investment Trust, the Keystone Investment Trust and the Select Trust plc UK Equity Portfolio.
Mallon continues to manage the Income and Growth fund and the Invesco Income Growth Trust.
