Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Invesco’s Gars rival nears £200 million

Invesco’s Gars rival nears £200 million

Flows into the absolute return fund launched by Invesco Perpetual in September have gathered pace over the past month.

The Global Targeted Returns fund held £46 million of assets at the end of November, but had swelled to £171 million by the end of the year.

Co-manager David Millar told Wealth Manager that flows into the fund had been ‘better than we probably expected’ so far. ‘Clearly there is still demand for the multi-asset class overall, and recent market turbulence supports that.’

Performance has been strong too, with the fund having returned 5.1% since inception compared with an average of 2.6% from its IMA Targeted Absolute Return sector through the same period.

That is close to the fund’s full annualised target of 5% above three-month Libor, but Millar (pictured) insisted it was not being achieving by taking on too much risk. ‘We spend as much time looking at how we diversify risk as looking at new investment ideas.’

The team has introduced two new positions to the fund in recent weeks: it has bet on UK gilts relative to German Bunds, and on UK equities relative to Swiss equities.

Invesco launched the fund for Millar, Dave Jubb and Richard Batty, all recruited from Standard Life Investments where they were senior managers on the £20 billion Global Absolute Return Strategies (Gars) fund.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter