Update: IPE board rails against managers' 'entirely inaccurate' comments

Trust battle intensifies

The board of the £123m Invesco Perpetual Enhanced Income trust has responded to criticism from Paul Causer and Paul Read, managers of the embattled fund, who described the board's approach to negotiations as "overly aggressive".

In the managers' first public statement on the trust, which has been in the spotlight due to a supposed disagreement over fees between the board and manager, the fixed income pair gave their reasons for the resignation this morning. They highlighted their decision to resign from the vehicle was due to the breakdown of their relationship with the board and the behaviour of the chairman, rather than fees, and that the manner in which the board engaged with Invesco in recent negotiations "was, in our opinion, overly aggressive, culminating in the issuance of a 48 hour ultimatum, served to u...