Invesco Perpetual has promoted Rhys Davies to deputy portfolio manager on Invesco Perpetual Enhanced Income Limited.

Invesco Perpetual has promoted Rhys Davies to deputy portfolio manager on Invesco Perpetual Enhanced Income Limited.

He will work alongside Paul Causer and Paul Read, the lead portfolio managers of the trust, Invesco said in a statement.

Over the past decade, Davies has worked closely with Causer and Read as a senior analyst covering a number of key industries for the trust, including automotives, gaming, chemicals and healthcare

Davies began his investment career within Invesco Perpetual’s product support team in January 2002 and transferred to the Henley-based fixed interest team in November 2003.

“Over the last decade, Rhys has made significant contribution to Invesco Perpetual Enhanced Income Limited and this promotion is in recognition of this. His work on a number of important investment themes has helped to build the long term performance of the trust,” said Read.

The news comes after the official departure of former Invesco star manager Neil Woodford, who launched his new firm, Woodford Investment Management, earlier last month.

In April, the Financial Conduct Authority fined Invesco Perpetual £18.6 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.