Invesco Perpetual merges funds as Crossley departs

Andy Crossley, the manager of the Invesco Perpetual UK Smaller Companies Growth fund, is leaving the firm.

Andy Crossley
Andy Crossley

His £94.3m fund will be merged with the £353m UK Smaller Companies Equity fund.

Richard Smith, the manager of the UK Smaller Companies Equity fund, will be joined by Jonathan Brown, who also manages the Invesco Pan European Small Cap Equity fund.

Invesco plans to merge the two funds in March next year, subject to approval by the Financial Services Authority. It will then be called Invesco Perpetual UK Smaller Companies Equity fund. (article continues below)

In addition, Invesco recommends to the board that Brown takes over the investment management of the Invesco Perpetual Aim Venture Capital trust.

Ian Trevers, the head of distribution at Invesco Perpetual, says the intention to merge the UK smaller companies funds into one, under the joint management of Smith and Brown, is a positive move.

Crossley, who spent 18 years at Invesco, will be leaving at the end of the year. He will begin transitioning his fund management responsibilities to the two managers with immediate effect.