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INVESCO LTD.

(IVZ)
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Invesco Star Fund Manager Duo to Retire From Fixed Income Team -- Financial News

06/16/2021 | 06:06am EDT

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

06-16-21 0605ET

Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 0.90% 427 Delayed Quote.-1.50%
DJ INDUSTRIAL 0.68% 35061.55 Delayed Quote.13.78%
INVESCO LTD. -1.23% 24.82 Delayed Quote.42.40%
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Financials (USD)
Sales 2021 5 322 M - -
Net income 2021 1 361 M - -
Net Debt 2021 2 180 M - -
P/E ratio 2021 8,56x
Yield 2021 2,71%
Capitalization 11 453 M 11 453 M -
EV / Sales 2021 2,56x
EV / Sales 2022 2,34x
Nbr of Employees 8 426
Free-Float 67,0%
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 24,82 $
Average target price 30,75 $
Spread / Average Target 23,9%
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Managers and Directors
Martin L. Flanagan President, Chief Executive Officer & Director
L. Allison Dukes Senior Managing Director & Chief Financial Officer
G. Richard Wagoner Chairman
Nicholas Buss Senior Director-Research
Gregory Gerard McGreevey Senior Managing Director-Investments
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