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Monday 08 February, 2021

Invesco Perpetual Select Trust

Update re combination with IVI

Invesco Perpetual Select Trust plc (“IVP”)
LEI: 549300JZQ39WJPD7U596

Update re combination with Invesco Income Growth Trust plc (“IVI”)

In the announcement made on 1 December 2020 in respect of the proposed combination of IVI with the UK Equity share class of IVP (the "Transaction"), it was proposed that Ciaran Mallon, the current portfolio manager of IVI would be appointed to manage IVP’s UK Equity Portfolio (“IVPU”) following completion of the Transaction.

However, subsequent to the announcement, the Boards of IVP and IVI invited Invesco to consider the appointment of James Goldstone, the manager of IVPU, alongside Ciaran Mallon as joint managers of the enlarged UK Equity portfolio. Ciaran and James are the joint managers of Invesco’s largest UK Equity UCITS funds, having been appointed in May 2020, and have started to build an encouraging performance record.

Accordingly Invesco presented a joint manager proposition for the enlarged IVPU portfolio to the combined Boards of IVP and IVI. After due consideration and discussion, it was agreed that Ciaran and James be confirmed as joint managers of IVPU upon completion of the Transaction. Both Boards believe that the two managers’ combined and complementary skills, with a disciplined investment process, can deliver attractive returns for shareholders. 

The substantial UCITS funds, where the managers’ stock selection has been limited to larger, more liquid investments, have outperformed their benchmark since Ciaran and James were appointed. The smaller IVPU portfolio, held in an investment trust, will give the managers freedom to invest across the size and liquidity spectrum and to offer the prospect of a genuine ‘best ideas’ portfolio, clearly distinguished from their open-ended funds.

A circular and prospectus relating to the Transaction will be posted to shareholders in due course.

5 February 2021


Invesco Asset Management Limited  +44 (0) 20 3753 1000
Angus Pottinger
Will Ellis 

Investec Bank plc   +44 (0) 20 7597 4000
David Yovichic
Tom Skinner
Denis Flanagan

a d v e r t i s e m e n t