Inv Perp overhauls global equity strategy

Invesco Perpetual has completed an 18-month review into the way it manages global equities, leading to a change of investment process for its flagship £1.1bn Global Equity fund.

It coincides with new chief investment officer Nick Mustoe taking over full control of the Global Equity and Global Smaller Companies funds from former CIO Bob Yerbury. The Global Equity fund is now run using a bottom-up approach in place of the previous top-down asset allocation strategy. Rather than give regional managers independent control over how they run their mandates, stock ideas are now pitched to a central committee chaired by Mustoe. New additions to the fund must be agreed by the committee. The change has led to a more concentrated portfolio with Global Equity now hold...