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It's official! Barnett takes charge of Invesco Perpetual income funds

It's official! Barnett takes charge of Invesco Perpetual income funds

Invesco Perpetual has confirmed Mark Barnett is the man in charge of its equity income franchise.

Barnett (pictured) has been working closely with current manager Neil Woodford since 15 October to ensure a smooth transition of the Invesco Perpetual High Income and Income funds, along with its UK Equity Pension fund.

Woodford is leaving the firm at the end of April to set up an investment boutique for Oakley Capital, where he will launch a replica income fund.

Woodford will remain at Invesco Perpetual until 29 April 2014.

While the income funds have suffered outflows since Woodford tendered his resignation, Invesco Perpetual indicated it was pleased with the way things had panned out.

Chief executive Mark Armour said in a statement: 'Client response to Mark Barnett has been extremely positive. Our transition plans have progressed well since October 2013, and Mark is ready to assume responsibility for the funds. 

He added: 'Mark is an exceptional fund manager with a first-quartile track record over one, three and five years and we have every confidence that he and the UK Equities team will continue to do an excellent job for our clients.'  

Barnett said: 'I’m pleased to take on the management of these funds, working with my colleagues in one of the most highly regarded investment management teams in the UK. 

'We will continue to take the active, value-driven investment approach with a long-term focus that has contributed to the funds’ strong performance over the years.'

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Mark Barnett
Mark Barnett
88/90 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 3.82%
Neil Woodford
Neil Woodford
90/90 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: -3.51%
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