Invesco is taking action over the underperformance of its £133m India equity fund with a reshuffle of responsibilities on the team.
It is set to name Prashant Poddar, who joined as an India analyst in January 2010, as co-manager of the fund alongside Shekhar Sambhshivan. Poddar replaces former co-manager Maggie Lee.
Sambhshivan’s responsibilities as co-manager on two other funds are to be cut to allow him to focus on the India mandate.
The Invesco Asean Equity fund will be co-managed by Lee and the Invesco Asia Infrastructure fund will be co-managed by Paul Chan.
Standard & Poor’s welcomes the India fund changes in a rating report. (article continues below)
It says: “Three-year relative performance is last-quartile within the S&P Indian equity peer group but there are grounds for optimism. While relative performance has been disappointing, the steps taken to address it look positive.
“This, combined with the 18 years’ investment experience of the manager and a solid, proven process, enables the fund to retain its S&P A rating.”
The Luxemburg-based India equity fund has lost 18.86% over the past three years compared with an 11% loss on the MSCI India 10/40 Equity index.