Invesco ups financials exposure on debt funds

Invesco Perpetual has used the fallout from the Northern Rock crisis to increase financials position...

Invesco Perpetual has used the fallout from the Northern Rock crisis to increase financials positions across its bond fund range. Paul Read, co-head of the group’s fixed income teams, said the sell-off post Northern Rock caused financials, A-rated in particular, to re-price. “We have been able to take advantage of this,” he said. “We have gained exposure to some of the former building societies by selectively adding Alliance & Leicester and Bradford & Bingley senior paper on £1.98bn Invesco Corporate Bond. “We have also participated in the tier-one issuance for Royal Bank of Scotland ...