Mark Barnett hands over Invesco Perpetual trust portfolio

The board of Invesco Perpetual Select trust has announced that after 10 years at the helm, star manager Mark Barnett is to hand over the UK equity portfolio to his younger colleague James Goldstone.

The Select trust comprises four separately managed share portfolios: UK Equity, Global Equity Income, Managed Liquidity and Balanced Risk.

The £68 million UK equity portfolio is among our sister magazine Money Observer's Rated Funds.

The trust has been a consistently strong performer. Over the year to 5 October, it gained 6.4% against the UK all companies sector average of 3.2%; over three years it is up 35.6% compared with 17.8% from the sector. It currently trades at par and yields 3.8%.

Rising star

James Goldstone joined Invesco Perpetual in 2012. He was appointed deputy manager of Edinburgh Investment Trust in July 2016 and currently manages UK equity pension and pan-European equity mandates. He has 15 years' experience in the investment management industry.

Chairman of the trust's board Patrick Gifford said in a statement that the board "acknowledges that this is an appropriate time for him to pass the baton to one of the rising stars of Invesco Perpetual's UK equities team".

Mark Barnett currently manages a number of prominent open- and closed-ended funds, including Perpetual Income and Growth IT and Edinburgh IT, and the Invesco Perpetual Income and High Income funds.

This article was originally published by our sister magazine Money Observer here

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