BlackRock funds lose Elite Rating as manager steps down
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Invesco Perpetual’s co-heads of fixed interest, Paul Causer and Paul Read, are handing over the management of four of their funds.
The reshuffle, according to Invesco, is a reflection of the expanding experience in the team, rather than either Paul taking a step back from fund management. And, with more than £30bn of fixed income assets under management, responsibility and workload will be spread more evenly.
Paul Read is stepping back from three funds, two of which are Elite Rated: Invesco Perpetual Corporate Bond and Invesco Perpetual High Yield Bond. The other fund seeing a change in management is Invesco Perpetual Global Financial Capital fund.
Elite Rated Invesco Perpetual Corporate Bond fund will still be managed by existing co-managers Paul Causer and Michael Matthews, and Elite Rated Invesco Perpetual High Yield will also continue to be managed by Paul Causer, with the help of Thomas Moore.
Paul Causer is stepping back from Invesco Euro Corporate Bond fund, which will be run by Paul Read and Julien Eberhardt.
Elite Rated Invesco Perpetual Monthly Income Plus is unaffected by the reshuffle.
Darius McDermott, managing director of FundCalibre, commented: “As the assets under management have grown in Invesco fixed income products, they have been keen to bolster the team and this is a sign that they are confident they now have the breadth of experience to promote new co-managers to the funds. As one of the two Pauls remains on each fund, we are comfortable that they retain their Elite Ratings.”