Invesco’s Paul Causer and Paul Read will retire from their roles after 26 years of working together. They will hand over their leadership responsibilities as co-heads of the Henley Fixed Interest team to Michael Matthews and Thomas Moore.
Causer and Read have built one of the most recognised and successful investment teams in Europe over the last 26 years, the Henley Fixed Interest team. They started in 1995 with only 3 people and nowadays the team has 28 people with plans to grow further during 2021.
“This has been a very big decision for us. We are proud of our achievements and enjoy our role and the people we work with. However, we feel that in Michael and Thomas we have two excellent leaders as well as a broad and deep team of people that is ready to take on the full responsibilities to serve our clients and take the team forward for many years to come.”
“We have been planning this for more than ten years and we will continue to use the rest of 2021 to help the team complete the handover and to give clients plenty of time to be comfortable with the final step of the transition.”Paul Causer and Paul Read, co-heads of the Henley Fixed Interest team.
Today, 88% of the team’s assets under management in open ended funds are ranked in the first or second quartile over one year and 85% over three years. The team has won over 80 industry awards and has assets under management of £25.5bn.
Comments on their retirement haven’t stopped since their official announcement:
“Paul Causer and Paul Read have done a phenomenal job for their investors over a very long period of time and have been instrumental at building the £25bn fixed interest franchise, firstly at Perpetual and then subsequently in the larger Invesco business.”
“At a time when many say there is not room for active managers, their 26 year tenure on the Invesco Corporate Bond fund has delivered a 387% return for investors, significantly outperforming the IA Sterling Corporate Bond sector average by nearly 120%. A look at the career track record which encompasses all of their different funds across the fixed interest spectrum also shows strong outperformance of the peer group.”
“The ‘two Pauls’ have been synonymous with the fixed interest capability at Invesco for longer than most fund research analysts have been in the market and therefore their well-earned retirement at the end of the year will certainly be a loss to the business.”Ryan Hughes, head of active portfolios at AJ Bell
Hughes also mentioned that Invesco had already signalled the pair’s retirement, and noted that both Matthews and Moore each have “significant experience” in the fixed income space.
“With a solid and experienced team, there is certainly no need for existing holders of any of the Invesco fixed interest funds to panic and given the well communicated handover, I expect little impact on the funds over time,”Ryan Hughes, head of active portfolios at AJ Bell
“A blow for investors, as they have worked together for many years very successfully and Invesco is losing a wealth of experience from the team”.
“is not a big surprise”.Darius McDermott, managing director of FundCalibre
“Invesco still has a very strong fixed income team, which has been built up methodically over the years. This, combined with the fact that both Pauls will remain in-situ until the end of this year, means we believe investors can take their time to decide if they want to stick with the funds or move elsewhere,”
“The news that Invesco’s bond duo Paul Causer and Paul Read are to retire at the end of the year puts the seal on a major period of transition for Invesco in the UK as the firm’s old guard of fund managers bow out and pass on the baton to the next generation. For over a quarter of a century they’ve been at the helm of Invesco’s fixed income franchise in the UK and together oversee more than £25 billion of assets.
“Competitors will inevitably sense an opportunity in this change to try and pick off clients and the bond fund world is a lot more competitive these days than when the two Pauls first arrived on the scene, but the handover to Michael Matthew and Thomas Moore should be a very smooth one, as they have worked as part of the team for many years now.”Jason Hollands, managing director at Tilney
“What an enduring partnership! It’s been probably the only bright spot at Invesco for the last 5 years. The guys taking over the tram are experienced but the two Pauls departure will inevitably lead to some outflows“.Ben Yearsley, Investment Consultant, Fairview Investing
Michael and Thomas will continue to work closely with both Pauls for the rest of the year, ensuring a smooth hand over and will assume the co-head roles from 1 January 2022.
“We are very fortunate to have a Fixed Interest team as strong as we do in Henley. It is a testament to the leadership of Paul Causer and Paul Read that we are in this position. After 26 years together at Invesco and each with a near 40-year career in finance, their retirement is well deserved.
“In Michael Matthews and Thomas Moore we have an excellent combination of leadership skill and experience. Across the entire team we have a deep pool of talent and I am excited about what they will continue to achieve for our clients.”Stephanie Butcher, chief investment officer
Matthews has worked with Causer and Read for more than 25 years, joining the Fixed Interest team upon its foundation. During this time, he has developed his own 15-year fund management track record and currently co-manages a Corporate Bond Fund with Paul Causer.
Thomas has more than 21 years’ fixed interest experience and brings to the role his very strong background in credit research, having led the European credit research team at Morgan Stanley prior to joining Invesco. Since joining Invesco five years ago, he has proved an invaluable team member and has built his own fund management track record with high yielding funds.
“They have complimentary skill sets and personalities and have created a very strong business – which must have been hard over the past five years or so in particular from a corporate perspective,”
“It is great that they are staying until year end; this goes to show that all of this has been communicated in-house and has allowed the team and Invesco to smoothly hand over the reigns in a proper manner.”Richard Philbin, CIO at Wellian Investment Solutions
“The new heads have a great deal of experience; Mike Matthews joined the team in the early days, 25 years ago and Tom Moore is a capability individual with a background in fund management and research. In conclusion you have a safe pair of managers leading an already experienced team.”Andrew Alexander, head of investments at Three Counties