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
Enquiries:
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