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(Bloomberg) -- As the global economy contends with the biggest growth slowdown in decades, an Invesco fund manager has flipped his positions.Alessio de Longis, a New York-based fund manager at the $1.3 billion Invesco Oppenheimer Global Allocation Fund, said he is now underweight traditional haven currencies -- including the yen and the Swiss franc -- which are overvalued relative to their peers. He’s considering adding more exposure to the euro, Canadian dollar, Swedish krona and Norwegian krone since those are likely to carry more upside potential when growth prospects pick up.These currencies may get a boost as central banks and governments globally unleash billions of dollars in stimulus and rate cuts to counteract the crisis. Even though the outlook is grim at the moment, de Longis believes much of the current economic gloom has already been priced in.There’s a “clear improvement in growth expectations even though real economic data is still cratering,” de Longis said. “Growth bearishness had been priced extensively to the point where” the risk-sensitive currencies had cheapened relative to peers and “the returns on a go-forward basis are looking more attractive.”Most currencies have rebounded since March when a shortage of dollars fueled a sell-off and drove global demand for havens. Commodity-linked currencies plunged during that time, with the Norwegian krone among the hardest hit, dropping to the lowest since 1971.With investors gingerly tip-toeing back into riskier assets this month, Germany and France reaching a key funding agreement for the region, and oil prices rebounding from historic lows, the euro, krone and commodity-linked currencies are showing stability, warranting a second look.Bank of America Corp. strategists turned less bearish on the krone this week, even as they remain cautious on risk-sensitive currencies. They see the krone as the most undervalued among Group-of-10 peers and argue that it “stands in a good position to benefit once concerns around Covid-19 settle,” Athanasios Vamvakidis and colleagues wrote in a note Wednesday.Among G-10 counterparts, the krone is weaker by ~12% against the dollar this year, making it the worst performer, despite its recent rebound. The euro, loonie and krona are down 2.8%, 7.4% and 3.2%, respectively. In contrast, the yen is the only one to top the greenback this year, rising by 1%.The Invesco fund manager is underweight the Australian and New Zealand dollars because their valuations are still not “that attractive.”De Longis is neutral on the dollar. However, he leans bearish and is waiting for a catalyst for further depreciation as the U.S. currency remains resilient. He is watching for signals in European, Korean, Taiwanese and Chinese stock markets to gauge a stronger turning point in global risk appetite.“This environment of favorable risk appetite is certainly conducive to a dollar bear market, but what we’re not seeing very cleanly is outperformance of international equities and emerging market equities,” just yet.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Invesco Ltd said money manager Mark Barnett would leave the company after 24 years, ending a tough couple of years in which clients pulled billions from his funds. Barnett was impacted by the high-profile collapse of former Invesco colleague Neil Woodford's firm, after it turned the spotlight on their shared and long-standing p, actice of holding relatively large positions in illiquid assets, which may be hard to sell quickly. Woodford ultimately chose to close his firm after his flagship fund was forced to suspend dealing having struggled to free up cash to pay back clients seeking to leave.

(Bloomberg) -- Mark Barnett’s departure from Invesco Ltd. after 24 years brings an end to the legend of his once-feted mentor Neil Woodford.Invesco Chief Investment Officer Stephanie Butcher said on Friday that Barnett’s departure and other changes to the firm’s U.K. equity funds were made after “a period of disappointing performance and listening hard to client feedback.” He took over management of Woodford’s funds when the star stock picker left Invesco in 2014, but struggled to duplicate his mentor’s past performance.Barnett’s demise owed in part to his continuation of Woodford’s strategy of investing in thinly traded and unlisted companies, a similarity cited by Morningstar Inc. when it downgraded two of his funds late last year. Barnett rejected the comparison and concerns about the liquidity of his funds, but investors thronged toward the exit.More recently, the coronavirus sell-off dealt Barnett a blow from which he couldn’t recover. The Invesco High Income Fund, which he helped manage, plunged 37.6% this year through May 14, according to data compiled by Bloomberg.Taking over Woodford’s funds at Invesco was a “poisoned chalice,” said Bev Shah, founder of City Hive, an advocacy group in London that promotes diversity in the investment management industry. “Barnett was handed the funds and expected to continue running them like Neil,” she said.‘Odd Time’The clouds quickly gathered over Barnett following the Morningstar downgrade. His run as sole head of Invesco’s U.K. equities came to an end shortly thereafter with the appointment of Martin Walker as his co-pilot. In December, he was fired by Edinburgh Investment Trust Plc as its fund manager. Since the downgrade, the High Income Fund has seen over 1 billion pounds ($1.2 billion) of outflows, according to Morningstar data.Ben Yearsley, investment director at Shore Financial Planning, said Barnett’s departure had been coming for some time because of poor performance and withdrawals, but the timing of the announcement was somewhat unexpected.“Invesco has a business to run and has to make a profit for its shareholders,” he said. “They got fed up. Still, it seems an odd time to do this, in the middle of the virus when value and dividend stocks have been hammered and could see a rebound.”Barnett said in a statement that he’s “extremely proud” of his career at Invesco.Walker now assumes full control of the U.K. equities division, with James Goldstone and Ciaran Mallon co-managing the open-ended funds Barnett had run, according to the statement.Star ManagerBarnett’s struggles at Invesco show the difficulty asset managers face when they try to replace a star manager such as Woodford. Swiss investment firm GAM Holding AG saw its assets and market value plunge after it suspended Tim Haywood, who ran some of the firm’s biggest bond funds. After Bill Gross abruptly left Pacific Investment Management Co. in 2014, the firm suffered more than $300 billion in outflows.In 79 months since Woodford’s decision to leave Invesco, the High Income Fund suffered outflows in 74, according to Morningstar data. In total, nearly 11 billion pounds ($13.4 billion) have been pulled, shrinking assets to its lowest level since 2004.Though Barnett came in with his own track record of beating peers, the comparisons with Woodford never stopped. Investors first punished him for not being Woodford by withdrawing billions of pounds, and more recently they fled because his investment style and bets reminded them of his mentor, whose investing empire came crashing down last year under the weight of heavy redemption requests.Barnett began his investment career in 1992 at Mercury Asset Management. He joined Invesco four years later and worked with Woodford for more than 17 years. Sitting near each other in an open-office plan at the firm’s Henley-on-Thames office about 40 miles west of London, they ran separate funds, but had similar ideas on picking stocks. Both combined macro-economic analysis with company specific trends to buy cheaply valued securities. They also shared the love for small and mid-size and companies even though their funds’ main objective was to build a portfolio of dividend-paying stocks.(Updates with chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The review presumably took account of the performance of Barnett-managed flagship funds Invesco Income (down 35 per cent, 33 per cent, 35 per cent, 40 per cent and 33 per cent on three month, six month, one year, three year and five year measures respectively) and Invesco High Income (down 35 per cent, 32 per cent, 35 per cent, 40 per cent and 34 per cent ditto). The FT reported overnight that BT was in talks to sell a stake in Openreach that might value the infrastructure division at £20bn. Hefty share purchases by CEO Philip Jansen and Magdalena Du Plessis, the wife of chairman Jan Du Plessis, disclosed midway through Thursday might be read as a signal that the pair were sitting on no material non-public information.

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Mark Barnett, one of the UK’s best-known stock pickers and former protégé of Neil Woodford, has left Invesco after years of being plagued by performance issues and heavy redemptions across his funds. Invesco said on Friday his departure was “mutually agreed” following a review of its UK equity product range by chief investment officer Stephanie Butcher. The 49-year-old took over the management of the popular Income and High Income funds when Mr Woodford left Invesco to set up his own investment house in 2014.

Invesco Ltd. (NYSE: IVZ) today reported preliminary month-end assets under management (AUM) of $1,118.6 billion, an increase of 6.2% versus previous month-end. The firm achieved net inflows of $0.4 billion this month. Net inflows were driven by a $5.8 billion increase in money market AUM and net long-term inflows in the institutional business of $1.6 billion, due to the funding of several client mandates, including the continued partial funding of a previously disclosed Solutions win. Overall net long-term outflows were $4.9 billion and non-management fee earning outflows were $0.6 billion. The increase in AUM was positively impacted by favorable market returns, which increased AUM by $63 billion. FX increased AUM by $2.1 billion. Preliminary average total AUM for the quarter through April 30 were $1,084.4 billion, and preliminary average active AUM for the quarter through April 30 were $829.1 billion.

Invesco (NYSE: IVZ), one of the world's leading asset managers, today announced that it has named Anna Paglia as Head of ETFs and Indexed Strategies, effective June 15, 2020.

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