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View the article online at http://citywire.co.uk/wealth-manager/article/a743502

Mark Barnett's Invesco Perpetual High Income fund to switch sectors

by Robert St George on Mar 28, 2014 at 12:50

Mark Barnett's Invesco Perpetual High Income fund to switch sectors

Mark Barnett’s High Income fund will move from the IMA Equity Income sector into the IMA UK All Companies sector on 31 March, Invesco Perpetual has confirmed.

The group has also advised that it is likely to move the Income fund and the Strategic Income fund into the UK All Companies later this year too.

Invesco Perpetual explained that the switches were due to the constraints around the three-year yield requirement used as a qualifier for the IMA Equity Income sector.

‘We believe that the interests of clients in these particular funds are best served by us continuing to focus on providing a growing level of income, balanced with the opportunity for capital growth over the long term,’ commented Ian Trevers, head of UK retail at Invesco Perpetual.

‘We are comfortable that these three funds will have a different IMA classification. Our clients and their advisers can be confident that this sector change will not impact the way their investments are managed.’

Citywire AAA-rated Barnett officially took over the firm's income franchise earlier this month, replacing Neil Woodford who is setting up a boutique for Oakley Capital.

The High Income fund has returned 52.3% over the last three years versus a 34% rise in the benchmark.

Barnett built his reputation on the Invesco Perpetual UK Strategic fund, which has returned 64.6% over the last three years.

1 comment so far. Why not have your say?

A C Wiltshire

Mar 28, 2014 at 22:21

With Henderson's Growth & Income having already gone done this route for similar reasons and with more funds likely to follow, I believe that we need the IMA to create a new sector for Equity Income funds focusing on both Income and Growth generation without specifying any dividend percentage target such as the 110% of the Equity Income Sector.

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