Invesco and Barnett relieved of Perpetual Income and Growth management duties

Follows 'an extended period of underperformance'

Mike Sheen
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Invesco's Mark Barnett
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Invesco's Mark Barnett

The board of the Perpetual Income and Growth trust has given Invesco Fund Managers a notice of termination, removing Mark Barnett from management duties after "an extended period of underperformance".

Barnett, who has managed the trust for more than 20 years, has previously been under pressure from the trust's board, which said the "the decision had not been taken lightly" and identified the manager's failure to benefit from an anticipated "Brexit bounce" had "proved to be short-lived". It follows a similar decision taken by the board of the Edinburgh investment trust last year, which saw Barnett replaced with Majedie Asset Management CIO James de Uphaugh after period of underperformance. the £400m Perpetual Income and Growth has seen a share price decline of 36.5%, 40.9%, and 40.9...

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