Invesco has today announced that after 26 years of working together, Paul Causer and Paul Read will retire from their roles as Co-Heads of the Henley Fixed Interest team at the end of 2021. The pair will hand over their leadership responsibilities to Michael Matthews (pictured) and Thomas Moore.
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.
Over the last 26 years, Paul and Paul have built the Henley Fixed Interest team into one of the most recognised and successful investment teams in Europe. Starting with just three people in 1995, the team has grown to 28, with plans to expand further during 2021. 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 (as at 28th May). The team has won over 80 industry awards and has assets under management of £25.5bn (as at 31st March)
According to Invesco, key to this success is the commitment by Paul Causer and Paul Read to support talent and career progression. Not only has this created a team that benefits from a depth and breadth of expertise, but it has also contributed to stability, with many team members serving more than 10 years. Today, excluding Paul Causer and Paul Read, the team has 10 fund managers, some of whose track records go back 15 years. Paul and Paul’s retirement will be the first fund manager departures in the team’s history.
Paul Causer and Paul Read commented: “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 10 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.”
Michael has worked with Paul and Paul for more than 25 years, joining the Fixed Interest team upon its foundation. During this time, he has developed his own very strong 15 year fund management track record and currently co-manages a Corporate Bond Fund with Paul Causer. He brings considerable fund management experience to the role, having worked across the team’s money and foreign exchange market activities before focusing on government and investment grade credit markets.
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.
There are no changes planned to the team’s investment philosophy – one that is rooted in quality fundamental research. The team’s approach to fund management is deeply engrained in its culture and has helped shape an investment process that values high quality inputs from credit and macro analysts, the continual challenge and re-assessment of views, the ability to express investment opinion in portfolios and decision-making within a strong risk management framework.
Stephanie Butcher, Chief Investment Officer, said: “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.”