An overhaul of Invesco's equity teams could help "re-energise the brand", after years of sustained outflows and poor performance from some of its flagship offerings.
Changes have rung out across the Henley-based firm's equities ranges since Stephanie Butcher's appointment as CIO at the start of 2020.
Butcher's review of Invesco's UK equities desk saw Neil Woodford's successor and co-head of UK equities Mark Barnett fall on his sword first.
On Tuesday, Investment Week revealed the firm's European equities head Jeff Taylor would retire at the end of 2020.
Barnett passed his title has head of the UK equities team over to Martin Walker, who recently became co-head, with James Goldstone and Ciaran Mallon taking over his Invesco Income and Invesco High Income funds.
John Surplice will replace Taylor as head of European equities, with the addition of Schroders' James Rutland boosting the continental team.
While Taylor's retirement is not as a direct result of Butcher's changes, Adrian Lowcock, head of personal investing at Willis Owen, said the "timing of it is likely to be influenced by internal plans".
Still, Taylor's Invesco European Equity fund has, like many of its stablemates, struggled versus its IA Europe ex UK sector peers, which double up as the fund's benchmark.
In the five years to 9 June, the fund has returned 21% compared to rivals' 39% average, FE fundinfo show. Between September 2017 and April 2020, the fund has almost halved in assets to less than £1.5bn.
Ben Yearsley, investment consultant at Fairview Investing, summed up Taylor's stewardship of Invesco's Europeanequities team as "solid". "Great short-term performance, not so good longer term," he tweeted.
"Taylor's fund lagging the peer group in recent years is a function of the approach being value-oriented, which has been hugely out of favour," said Morningstar's director, manager research ratings, UK Jonathan Miller.
Despite that, Miller said Taylor had "built a decent track record" over the long term.
However, he continued, since Butcher became CIO, "there does seem to be an eye on where teams can be refreshed, notably evidenced by changes on the UK desk that had gone through a series of issues".