Invesco Perpetual's Anness buys into scandal-hit Volkswagen

Shares collapsed 60% since April

Invesco Perpetual's managers Stephen Anness (pictured) and Andrew Hall introduced a position in Volkswagen to the group's £157m Global Opportunities fund in October, anticipating "healthy cultural change" following the emissions scandal.

The pair said they have carried out extensive research on the autos sector, and in particular on VW, following the news the German car manufacturer manipulated diesel emissions tests in the US and Europe. Its shares have collapsed around 60% since April. "We have devoted significant research effort this month to reviewing the global automotive sector in light of the VW emissions scandal," they said. "Despite VW's historic short-comings on governance, the company has had many great commercial successes and has won dominant market positions in many markets and segments. It has invested ...