Invesco has launched a new offshore feeder fund to allow investors outside of the UK to access its flagship Invesco Perpetual Income fund.
The new UK Equity Income fund will be domiciled in Luxembourg and managed by Invesco’s head of UK equities Mark Barnett.
Invesco said it is the first master/feeder structure to be launched by the investment management firm under the UCITS IV directive.
As a result, the company added, the ongoing charge for each share class of the feeder fund is identical to that of the equivalent share class in the master fund.
The new fund follows the 2006 launch of the Invesco Offshore UK Equity Income Fund, a Jersey-domiciled expert investor feeder fund, whose assets are now merged into the new structure.
Commenting on the new launch, Nick Tolchard, managing director of Invesco’s international development division, said: ‘The fund has been launched in response to strong demand from overseas investors to access our market-leading UK equity income franchise which until now we have not been able to offer.’
The Invesco Perpetual Income fund used to be run by Neil Woodford and currently has €8.7 billion in assets under management. According to the fund’s factsheet, it invests primarily in UK companies, with the balance invested internationally.
Recently, Invesco hard-closed the Japanese Equity Advantage fund after it exceeded its 150 billion yen ($1.47 billion) limit. The investment firm also unveiled a dedicated Indian bond fund to capture long-term growth in the developing country.