Invesco Star Fund Manager Duo to Retire From Fixed Income Team -- Financial News
June 16 2021 - 6:14AM
Dow Jones News
By David Ricketts
Of Financial News
Two star fixed income managers are set to leave Invesco at the
end of the year, ending a partnership spanning more than 25
years.
The Henley-based asset manager has announced that Paul Read and
Paul Causer will retire as co-heads of its fixed income team once
2021 comes to a close.
The duo, who have worked together for the past 26 years, have
grown Invesco's bonds team to 28 people.
The team, which started with just three people in 1995, now
oversees 25.5 billion pounds ($35.92 billion) in assets. Today, 88%
of the team's assets under management in open-ended funds are
ranked in the first or second quartile over one year and 85% are
ranked in the top two quartiles over three years.
The pair's retirement marks the first fund manager departures in
the team's history, according to Invesco.
In a joint statement, Messrs Causer and Read said the move had
"been a very big decision for us."
The pair will hand over the reins to fund managers Michael
Matthews and Thomas Moore, who will assume their co-head roles from
Jan. 1, 2022.
"We feel that in Michael and Thomas we have two excellent
leaders as well as a broad and deep team of people that is ready to
take on the full responsibilities to serve our clients and take the
team forward for many years to come," said Messrs Causer and
Read.
"We have been planning this for more than 10 years and we will
continue to use the rest of 2021 to help the team complete the
handover and to give clients plenty of time to be comfortable with
the final step of the transition."
Ryan Hughes, head of active portfolios at online investment
platform AJ Bell, said: "The 'two Pauls' have been synonymous with
the fixed interest capability at Invesco for longer than most fund
research analysts have been in the market and therefore their
well-earned retirement at the end of the year will certainly be a
loss to the business."
"However, the announcement a year ago that they were stepping
back on a number of funds to allow their colleagues to take more of
a front foot was a sign that this announcement would come sooner
rather than later."
Mr. Hughes said Mr. Matthews is "also hugely experienced,"
having worked on the team alongside Messrs Causer and Read since
1995. With Mr. Moore's "significant experience," Mr. Hughes said
investors can "assume strong continuity in the approach to the
fixed interest funds."
"With a solid and experienced team, there is certainly no need
for existing holders of any of the Invesco fixed interest funds to
panic and given the well-communicated handover, I expect little
impact on the funds over time," said Mr. Hughes.
Invesco hit the headlines for another big-name departure last
year, as Woodford protege Mark Barnett left the firm after 24
years.
Website: www.fnlondon.com
(END) Dow Jones Newswires
June 16, 2021 06:05 ET (10:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Invesco (NYSE:IVZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Invesco (NYSE:IVZ)
Historical Stock Chart
From Apr 2023 to Apr 2024