Nick Mustoe is stepping back as chief investment officer from Invesco after nine years with the business with European equities manager Stephanie Butcher to takeover.
Mustoe joined Invesco in June 2010 from Pictet Asset Management, where he had also been CIO. He started his career with Phillips & Drew Fund Management as a UK equities manager in 1985.
Butcher (pictured) will work with Mustoe for the remainder of the year during a transition period before taking on the CIO role at the start of 2020.
Butcher joined Invesco in 2003 from the European equities desk at Aberdeen Asset Management, where she had previously worked in US equities. She started her career as a graduate trainee at Lazard Asset Management in 1993.
European and global equity funds affected
Within the UK-domiciled range, Oliver Collin will replace Butcher on the European Equity Income Fund while Jeff Taylor will assume sole management on the European Equity Fund.
Mustoe hands the Global Equity fund to Andy Hall, the Global Equity Income Fund to Stephen Anness and the Global Smaller Companies Fund to Erik Esselink. All three funds are also supported by the wider respective global equity teams.
Anness will also take the lead on the Invesco Perpetual Select Global Equity Income trust.
Mustoe will also the lead manager on seven multi-asset funds, including the five risk-targeted portfolios in the Summit Growth range, which was launched as a low-cost offering for advisers in July 2018. The multi-asset and global solutions teams will take over management.
The multi-asset team will also take over management of the Managed Income and Managed Growth funds on which Mustoe was the lead.
Chelsea Financial Services managing director Darius McDermott described Mustoe as a “calm, senior” individual, but pointed out Invesco takes a very team-led approach.
Butcher skilled leader and investor
Mustoe said he was glad to be able to identify his successor from within Invesco. He said Butcher had a “deep understanding of Invesco’s investment philosophy” and “exceptional leadership qualities”.
Butcher said: “Fundamentally, we are long-term, conviction investors, seeking to play an active role as portfolio managers and stewards of our clients’ capital. I’ll be focused on continuing to strengthen and evolve these capabilities in order to meet the changing needs of our clients well into the future.”
Invesco head of EMEA Doug Sharp thanked Mustoe for his expertise steering the Henley-based investment team over the last decade. “Under his leadership we have continued to develop and support a stable, well-established and highly-respected team of investors.”
Sharp described Butcher as an investor of the “highest calibre” with strong leadership and investment skills.
