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Invesco Perpetual's investment manager steps down
(WebFG News) - Invesco Perpetual Enhanced has received a letter from Invesco Fund Managers stating that it intends to step down as the company's investment manager after "detailed and extended efforts" to reach satisfactory ongoing contractual arrangements.
IPE's board has subsequently written to IFM acknowledging receipt of its letter and that further discussions would be required in respect of any transitional period.
Elsewhere, in parallel with the discussions, IPE was preparing to initiate a process, through JPMorgan Cazenove, to seek proposals from potential managers on improved terms from a "suitably qualified" manager available in the market.
"The company has been well served by its current investment manager and whatever the outcome of the process now being initiated, the board wishes to place on record its appreciation of the efforts of Invesco in its management of the company's portfolio," IPE said on Monday.
IPE also highlighted that, as per its investment management agreement, IFM was required to give 12 months written notice if it wished to terminate the contract.
As of 1210 BST, shares had declined 6.48% to 75.00p.