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Mark Barnett’s former Invesco funds continue to bleed cash UK Equity High Income hit by outflows of £536m despite new management, according to Morningstar estimates Mark Barnett’s former Invesco funds have continued bleeding cash one year after his departure despite a fresh change in leadership and a brighter outlook for value stocks. The Invesco High Income and Income funds had been battered by redemptions since Barnett (pictured) inherited the mandates from his predecessor Neil Woodford. In 2019 amid the implosion of Woodford’s fund empire and a continued run of bad performance the funds saw an exodus of cash, shedding £1.8bn and £773m respectively, according to data from Morningstar. ....
Paul Marriage: ‘We’re prepared to look through Mark Barnett’s underperformance’ By Sebastian Cheek, 4 May 21 Video: Tellworth co-founder on the importance of manager ‘bouncebackability’ and Barnett’s new fund Tellworth Investments founder Paul Marriage says the firm can overlook new hire Mark Barnett’s poor run of form during his previous tenure as the former Invesco man prepares to launch a UK mid and large cap income fund in the coming months. In the latest Portfolio Adviser video interview, Marriage describes the addition of Barnett as “great news for Tellworth”, adding he is a “great income manager” with a “fantastic long-term record”. ....
Philip Rodrigs also left with a cloud over his head, though the circumstances surrounding his departure were very different from Barnett with River and Mercantile sacking him over an alleged conduct issue, which he has disputed. His boutique Raynar Portfolio Management opened its doors in February 2020, as the pandemic was ramping up and a year later had amassed £75m in assets under management. Easier for big name managers to stage comeback at boutiques Fund buyers reckon it will be easier for Barnett to stage a comeback at a boutique than at one of the fund giants. GDIM investment manager Tom Sparke says boutiques lend themselves well to more high-profile managers who may conflict with other ‘big names’ in a larger firm. ....
Opportunity to start with a blank sheet of paper and free from Woodford unquoteds Chelsea Financial Services managing director Darius McDermott said Tellworth is a “chance for a fresh start” for Barnett whose final years at Invesco were marred by torrid performance and heavy outflows. “Mark had a bad time of it at the end of his time at Invesco – taking on huge funds that stayed in redemption over his tenure, coupled with his style being out of favour, was a combination that he and his investors never really recovered from,” McDermott said. At the time of Barnett’s departure his Invesco High Income and Income mandates were lingering near the bottom of the IA UK All Companies sector, sitting on losses of 40% over three years. ....