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
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.