On 15 May 2020, Invesco announced that Mark Barnett, Co-Head of the UK Equity team and manager of a number of UK equity strategies, including the Invesco Income fund, is leaving the firm.  As a result of the news, we have removed the fund from our Recommended list.

At the same time, Invesco announced wide-ranging changes to its UK equity product range and investment management team, following a review overseen by Chief Investment Officer, Stephanie Butcher.

With regard to the investment team, James Goldstone and Ciaran Mallon have been appointed co-managers of the open-ended funds for which Mr Barnett had been responsible, including the Invesco Income fund.  Martin Walker, previously Co-Head of the UK Equity team alongside Mr Barnett, will continue to lead the team as Head of UK Equities and will manage the Perpetual Income and Growth Investment Trust, the closed-ended fund that Mr Barnett managed.

For the open-ended funds, the review also proposed some changes to fund names and clarification around investment objectives.  As a result of this and in addition to the change to the management team, Invesco Income will also undergo a name change, as well as a fund merger:

• Invesco Income Fund (UK) to be re-named Invesco UK Equity Income Fund (UK)
• Invesco UK Strategic Income Fund (UK) to be merged with Invesco UK Equity Income Fund (UK).

Further information about the product and team re-organisation can be found at:

https://www.invesco.co.uk/uk/news-and-insights/changes-to-invescos-uk-equities-product-range-and-team

We will be keeping in touch with Invesco’s UK Equity team and future developments.  Nonetheless, Mr Barnett’s departure and the importance and scale of the proposition changes lead us to withdraw the fund from our service.