Invesco fixed income boss steps back from £5bn worth of funds amid reshuffle

Asset manager further shakes up its investment desk with spate of promotions to replace Paul Read

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Invesco fixed income boss Paul Read is to take a step back from a chunk of his portfolio management duties as the fund group continues its wide-ranging review of its investment desk.

Read (pictured), who co-manages the fixed income team alongside Paul Causer, has been dropped as a named manager on the £2.3bn Invesco Monthly Income Plus fund, as well as the £2.0bn Distribution and £611.9m Tactical Bond funds, all three of which he ran with Causer and Ciaran Mallon.  

This leaves Read in charge of a sole UK-domiciled fund, the Invesco Global Income fund. He will continue as a co-manager on four of Invesco’s Luxembourg funds, including the Pan European High Income fund which CIO Stephanie Butcher also looks after. 

Next generation of bond managers rises through the ranks

Read’s removal paves the way for the next generation of Invesco managers to step up to the plate. 

Existing managers Rhys Davies and Stuart Edwards will replace Read on the Monthly Income Plus and Tactical funds respectively, while senior credit analyst Edward Craven has been promoted to co-manager on the Distribution fund.  

In a separate announcement Causer and Read also confirmed they would be relinquishing control of the £185.9m City Merchants High Yield trust to Davies with Craven becoming co-manager. 

Alongside Craven credit analysts Tom Hemmant and Alexandra Ivanova have also risen up the ranks and been given portfolio management duties. Hemmant will step up to run the Corporate Bond fund with Causer and Michael Matthews and will become a second manager on Thomas Moore’s High Yield fund. Ivanova has been added on the Global Income fund 

Invesco said Asad Bhatti had also been appointed as head of emerging markets in its Henley office.

Commenting on the spate of promotions Causer said: “We regularly review responsibilities within the team and are very proud of the franchise we have established over 25 years.  

“We believe by continually recognising and rewarding the commitment and contribution these individuals make, we will ensure our clients continue to receive the depth of investment expertise and diversity of thought their investments deserve.” 

Invesco leaves eight bond funds unchanged

Invesco said it had not made changes to eight bond funds, including the £704.2m Sterling Bond Sicav and £309.8m Global Bond Oeic. 

The changes to Invesco’s fixed income team come as the Henley-based asset manager implements a wide-ranging restructure of its investment desk under CIO Butcher. 

UK equities co-head Mark Barnett was shown the door in mid-May after years of poor performance, ending a 24-year career at the fund group. His £5bn income mandates, which were previously run by Neil Woodford, were handed over to James Goldstone and Mallon.  

Invesco revealed in its debut value assessment, which spotlighted £23bn of underperforming funds, that managers on the European Smaller Companies fund, US Equity fund and Global Equity fund had also been ousted. 

A full list of the changes, which will go into effect on 31 August, is available here 

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