3 to join Invesco Perpetual, create U.K. multiasset team
By Thao Hua | September 13, 2012 3:15 pm
Mr. Millar will be head of the multiasset team, while Messrs. Batty and Jubb will be fund managers within the team. Based in Henley-on-Thames, England, they will report to Mr. Mustoe.
“In anticipating our marketplace, both in retail and institutional,” Mr. Mustoe said, absolute-return multiasset investment is “a space that we really need to be in. The whole marketplace is moving this way. This is the next logical step we need to make for the long term.”
Mr. Mustoe declined to specify the multiasset strategy to be launched by Invesco's new team, but said it will be “distinct, using pretty different methodologies” compared to what's already being offered by the company's Atlanta-based multiasset team.
“There's not direct overlap,” Mr. Mustoe added. “This is a new product, a new team, a new business arena for us.”
All three were senior members in Standard Life Investments' multiasset investing team. Mr. Batty was global investment strategist, while Messrs. Jubb and Millar were investment directors. SLI's multiasset Global Absolute Return Strategy is one of the firm's most successful active products in terms of asset inflows. GARS began in 2005 as an investment strategy developed for Standard Life's own pension fund, and has since grown to about £18 billion ($29 billion) in assets under management globally.
At SLI, several appointments were made to restructure the multiasset investing team as a result of the departures. Ian Pizer is transferring from the government bond team to work on the GARS portfolio. Roger Sadewsky and Neil Richardson, both fund managers, will also assume additional responsibilities within the multiasset team, spokesman Brian Simmons said in an e-mail.
“There will be no change to investment process and the strength and depth across teams means that we are able to implement these changes with immediate effect with no impact on any of our client portfolios,” according to Mr. Simmons.