Invesco Perpetual has launched a new global multi-asset asset fund for Paul Causer and Paul Read, and the Invesco Perpetual Global Equity Income Group.

Invesco Perpetual has launched a new global multi-asset asset fund for Paul Causer and Paul Read, and the Invesco Perpetual Global Equity Income Group. The move is seen as a sign that the firm is trying to move on after the departure of renowned investment star Neil Woodford was first announced last year.

The Invesco Perpetual Global Distribution Fund will invest in the fixed income securities and global equities and sit in the IMA Mixed Investment 20 per cent – 60 per cent shares sector, Invesco said in a statement.

Causer and Read will manage the fund and, in particular, the fixed interest component, while Nick Mustoe, head of the Perpetual Global Equity Income Group, will manage the equity component.

“It gives us the ability to access income where it appears to be best value at different points in the cycle across a wide investment universe. It also enables us to position the fund for capital appreciation when we see the potential for that,” said Paul Causer, co-head of fixed Interest at Invesco Perpetual.

The move comes after the official departure of former Invesco star manager Neil Woodford, who launched his new firm, Woodward Investment Management, earlier this month. Woodford Investment Management announced last week that it was officially launching its first fund at the beginning of June. For more on this story, click here.

Patrick Connolly, a financial planner at advisory firm Chase de Vere, said the launch of the fund is a sign that Invesco Perpetual is trying to move on from the departure of Woodford.

“While Woodford is an outstanding manager, Invesco Perpetual has other good quality managers including Paul Read and Paul Causer who are heading up this new fund. Many income investors’ portfolios are too UK-focused and so it is sensible to diversify globally. We currently have client investments with Invesco Perpetual’s fixed interest and global equity teams and are relaxed using both,” said Connolly.

“However, this has the feel of a bond-dominated fund, with bond managers at the helm and restricting equity exposure to just 40 per cent, while the sector would allow up to 60 per cent. It means that the fund is likely to have lower volatility than most in the sector but potentially at the risk of lower long term returns,” he added.

Last month, the Financial Conduct Authority fined Invesco Perpetual ÂŁ18.6 million ($31.3 million) for exposing investors to greater levels of risk than they had been led to expect.

According to the UK regulator, between May 2008 and November 2012, Invesco Perpetual did not comply with investment limits designed to protect consumers by minimising their exposure to risk.