Invesco: CIO and fund change
3 October 2019 - Invesco has announced that Stephanie Butcher will succeed Nick Mustoe as CIO of the Henley Investment Centre at the end of 2019.
Nick, who is also lead manager on a number of funds, has decided to step down following ten years at the helm of the investment team. Stephanie will work alongside Nick for a three-month transition period and assume the role of Chief Investment Officer from 1 January 2020.
Stephanie has more than 25 years' investment experience. She began her career at Lazard Asset Management as a graduate trainee and progressed to become a US fund manager, before joining Aberdeen Asset Management in 1997. Stephanie joined Invesco in Henley in 2003, specialising in European equity income investing and is responsible for multiple European equity portfolios.
Commenting on the announcement, Darius McDermott, managing director of Chelsea Financial Services said: “Nick has been at Invesco for almost a decade and has been lead manager on a number of global and multi-asset strategies for the firm.
“However, the approach at Invesco has always been team-led so we feel the infrastructure will mean that although the lead manager on a number of funds will change, there should be little, if any, impact on underlying investors.
Fund manager changes
The following changes will take effect from 1 January 2020:
| Fund name | Current fund manager(s) | Fund manager(s) from 1 Jan 2020 |
| Invesco European Equity | Jeff Taylor and Stephanie Butcher | Jeff Taylor |
| Invesco European Equity Income | Stephanie Butcher | Oliver Collin |
| Invesco Global Equity | Nick Mustoe (lead) and the Global Equity Group | Andy Hall (lead) and the Global Equity Group |
| Invesco Global Equity Income | Nick Mustoe (lead) and the Global Equity Income Group | Stephen Anness (lead) and the Global Equity Income Group |
| Invesco Global Smaller Company | Nick Mustoe (lead) and the Global Equity Group | Erik Esselink (lead) and the Global Smaller Companies Group |
| Invesco Managed Income | Nick Mustoe | Invesco Multi Asset Team |
| Invesco Managed Growth | Nick Mustoe | Invesco Multi Asset Team |
| Invesco Summit Growth 1 | Nick Mustoe and The Invesco Global Solutions Team | Invesco Multi Asset Team and Invesco Global Solutions Team |
| Invesco Summt Growth 2 | Nick Mustoe and The Invesco Global Solutions Team | Invesco Multi Asset Team and Invesco Global Solutions Team |
| Invesco Summit Growth 3 | Nick Mustoe and The Invesco Global Solutions Team | Invesco Multi Asset Team and Invesco Global Solutions Team |
| Invesco Summit Growth 4 | Nick Mustoe and The Invesco Global Solutions Team | Invesco Multi Asset Team and Invesco Global Solutions Team |
| Invesco Summit Growth 5 | Nick Mustoe and The Invesco Global Solutions Team | Invesco Multi Asset Team and Invesco Global Solutions Team |
China fund name change
In a separate announcement, the group has also said that the Invesco Hong Kong & China fund, which is on the Chelsea Core Selection, Will be renamed Invesco China Equity fund from 31 October 2019.
The company said the name has been changed because China includes Hong Kong, it provides a simpler and more concise sign post to investors and is more aligned to the naming convention of other similar funds in the market.
There will be no change to the investment remit or process.