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08 Feb, 2008

Chris Salih - 08-Feb-2008

Invesco Perpetual has appointed Andrew Shard as manager on the group's struggling US equity funds.

Shard takes on management of the £9m US aggressive, £322m US equity and £30m US smaller companies funds from interim manager and chief executive/investment officer Bob Yerbury.
Invesco Perpetual's US range has performed poorly in the long-term with the equity and aggressive funds propping up the IMA North American sector over three and five year periods. Fund manager Ian Brady left the group in December 2007.

All three funds consistent underperformance was recognised in Bestinvest's most recent 'Spot The Dog' which highlights funds that have failed to beat their benchmark index in each of the past three years and underperforming their respective index by 10 per cent over that time.

Shard joined Invesco Perpetual back in November 2007 and has previously covered US markets at CIS Insurance, Halifax Fund Management and Lehman Brothers during his 20 year career.

Invesco has said that it is committed to having an active US investment capability in Henley and will continue to review products to ensure that they meet the needs of investors and will be doing the same with the US funds.

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