Invesco Perpetual, an investment management company, has said that its UK equities head, Neil Woodford, is set to leave the firm on 29 April 2014.
Mark Barnett will be named manager of the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund, with Woodford remaining responsible for all funds for which he is the named manager during the six months prior to his departure.
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Barnett will then succeed Neil as head of UK equities.
Along with the existing fixed income managers Paul Causer and Paul Read, Ciaran Mallon will be responsible for managing the UK equity components of the Invesco Perpetual Monthly Income Plus Fund and the Invesco Perpetual Distribution Fund with immediate effect.
Mark Armour, CEO of Invesco Perpetual, said: "Woodford has served clients of Invesco Perpetual with commitment for over 25 years. It has been a privilege for us all to work alongside him, and I understand that, after 25 years, he is ready for new challenges."
He added: "Barnett is an exceptional fund manager who has the same active, value-driven investment approach and long-term focus as Woodford. We are confident that Barnett, Mallon and the UK Equities team will continue to do an excellent job for clients."
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