Invesco said the changes take place with immediate effect on Boyne and McGraw’s decision to leave for another company based in North America.
In running the fund, Mustoe will keep in place the same investment strategy and will be supported by the Global Equity Group.
The firm said a new manager for the fund will be appointed in the New Year.
Mustoe said in a statement: ‘We are committed to our global equity income franchise in which we have invested significant resource over the last four years and we look forward to building on these foundations in 2013 and beyond.’
Only earlier this week the firm revealed a manager reshuffle, designed to focus more on its global equity arm.
As part of this move, Stephen Anness is taking over the firm’s £53 million Global Opportunities fund from the start of next year, passing over the management of his UK Aggressive fund to Martin Walker.