The Invesco Perpetual Income fund has been kicked out of FE’s Approved fund list and model portfolio service, in favour of Woodford’s equity income fund.
In the latest rebalancing of the FE Approved fund list the data and research house has removed 25 funds from the list and added 12.
Among those kicked off the list is the Invesco Perpetual Income fund, which was formerly run by Woodford before he left to start his own investment house. Rob Gleeson, head of FE research, says the fund is too similar to the Invesco Perpetual Strategic Income fund, which the research house has kept on the list.
“We’ve been quite stringent this time round and have had a bit of a clear out. Our focus has been to reduce duplication and so some big names have been dropped because they’re too similar,” says Gleeson.
Also getting the chop are the Jupiter Merlin Income Portfolio, the Aberdeen Asia Pacific Equity fund and TwentyFour’s Dynamic Bond fund.
Schroders has seen four funds removed from the list with the Global Property Securities, Income Maximiser, MM Diversity Balanced and Recovery funds all being cut.
“We have also reduced exposure to classic multi asset as the demand has fallen. This also reflects move to risk-targeted fund solutions, which we will be adding in due course,” adds Gleeson.
Among the funds added to the list are the Miton UK Multi Cap Income, the Old Mutual Global Equity Absolute Return, the Baillie Gifford Global Discovery and the Jupiter India funds.
Funds moved in and out: