Inv Perp merges UK small-cap funds as Crossley departs

Invesco Perpetual plans to merge its two UK smaller companies funds following the departure of Andy Crossley at the end of the year.

Crossley's £94m UK Smaller Companies Growth fund will be rolled into the £353m UK Smaller Companies Equity fund in March 2011.

The merged vehicle will be jointly managed by Richard Smith and UK equities manager Jonathan Brown. Smith has managed the UK Smaller Companies Equity fund since June 2002.

Head of distribution Ian Trevers says: "We continually review our product range to ensure we have an offering for our clients which best utilises the strength of our investment capability.

"We believe our intention to merge the UK smaller companies funds into one, under the joint management of Richard and Jonathan, is an extremely positive move for our investors.

"In addition, we will be recommending to the board that Jonathan Brown takes over the investment management of the Invesco Perpetual Aim VCT.

"Andy Crossley will be leaving the company at the end of the year and he has agreed to begin transitioning his fund management responsibilities to Richard and Jonathan with immediate effect."

Over three years to 24 October, the UK Smaller Companies Equity fund has returned a decline of 0.9% and while UK Smaller Companies Growth fund has fallen 25.8%, compared to an IMA sector average decline of 3.4%.