US-based asset manager Invesco is to merge its UK and European equities teams.
Amid a decline in investor interest in British stocks, the firm said that the merger of both teams, based in Henley-on-Thames to the west of London, would be completed by 1 January 2025.
Martin Walker and Oliver Collin will be appointed as co-heads of the combined equities team, reporting to John Surplice, head of Emea equities.
The combined Invesco UK & European Equity team will manage over £15bn in assets. The UK equity team was previously run by the former star stockpicker Neil Woodford, currently under investigation by the FCA following the collapse of his Equity Income Fund in 2019.
Surplice said: “The two teams have always worked closely and share many investment resources to leverage their combined intellectual property at both the fund management and analyst level.
“We are simply formalising this collaborative approach further. This change will enhance the team’s close working relationship, foster greater collaboration and ensure we are leveraging on shared knowledge and analysis to continue to deliver the best opportunities for clients in the UK and Europe more broadly.”
Stephanie Butcher, co-head of investments, said it was not the first time that Invesco had combined investment teams: in 2018 the firm’s UK-based Asian and Emerging Market equities team were merged.
“This change has been driven by the investment teams in recognition of the opportunity and value in leveraging a larger team across the strategies, and to meet the demands of the UK and European equity markets,” she said.
“Combining the teams will enable us to further capitalise on their existing strengths, continue to foster a world class pan-European equity capability and adapt to changing market and client conditions.
“We will continue to focus on the UK market, with absolute commitment to our clients in our standalone UK equity products.”
