US equity manager Shard exits Invesco Perpetual

Invesco Perpetual's Andrew Shard, who heads up the group's £351m US Equity fund, has left the firm.

Shard joined the group in January 2008 with the remit of turning the fund's performance around, taking over from Bob Yerbury. However, performance has failed to pick up, with the fund third quartile over three years, posting a 22% return, lagging the IMA North America peer group average of 32%. The fund's one-year record is worse, and it sits in the bottom quartile with a return of 14.1% compared to the 21.5% sector average. Invesco Perpetual said chief investment officer Nick Mustoe will take over the fund in the interim, while the group hunts for a replacement. "We can today c...