David Millar has stepped back from direct fund management at Invesco as he expands his role as head of multi asset.
He will remain accountable for the troubled Global Targeted Returns fund, which he has helped build since he joined the firm in 2013, and has seen assets under management shrink by almost £10bn over the past three years.
He will also be responsible for the Global Targeted Income strategies, Managed Income and Managed Growth funds, and the Summit Growth and Summit Responsible ranges.
Millar joined Invesco from Standard Life Investments, where he worked as a fund manager on the now embattled Global Absolute Return Strategies fund (GARS), which investors have pulled more than £23bn from over four years, and has recently seen co-manager Neil Richardson depart.
Since 31 May, his role as co-manager has been filled by Georgina Taylor, who joined the team eight years ago and has helped run the income variant of the Global Targeted Return strategy.
She brings over 20 years' investment experience to the role from both the buy- and sell-side, having held roles at HSBC, Goldman Sachs, State Street Global Markets and Legal & General Investment Management.
Millar said: "These developments reflect the strength of the multi asset team. I am pleased that Georgina is joining the fund management team for GTR, it is something we have been working towards.
"The industry needs to continually listen and adapt to the needs of our clients in the context of the macro economic conditions and challenges. I am looking forward to working with colleagues across Invesco's investment expertise as we are in a good position to respond to these client needs and develop relevant product to support them".