Invesco look to merge two Causer and Read income funds

Subject to shareholder approval

Invesco is proposing to merge its £29.3m European High Income fund into its £52.6m Global Income fund following a review of its fund range.

In a letter seen by Investment Week the group said it believes the merger is in the best interests of investors because "both funds share the same investment objective, investment process and style with a flexible allocation to bonds and equities". Invesco Global Income has also outperformed its European peer fund and the benchmark, which is the same for both, the IA Mixed Investment 20-60% sector. Global Income returned 34.1% in the three years to 6 Jan, while the sector returned 23.1% and European High Income returned 21.51%. Square Mile downgrades Invesco funds following Causer a...