There is a new CIO at Invesco's UK business.

The chief of the investment team at Invesco in the UK, Nick Mustoe, is stepping down after a decade in the post; he is being succeeded by Stephanie Butcher, a European equity fund manager.

Butcher, who is based in Henley-on-Thames, will work alongside Mustoe for a three-month transition period and will assume the role of chief investment officer from 1 January 2020.

The new CIO, who has more than 25 years’ investment experience, began her investment career at Lazard Asset Management as a graduate trainee and progressed to become a US fund manager before joining Aberdeen Asset Management in 1997. Butcher joined Invesco in Henley in 2003; she specialises in European equity income investing and is responsible for multiple European equity portfolios.

Chelsea Financial Services, the financial advisor firm, said it expects little disruption as a result of the appointment of the new CIO. 

“The approach at Invesco has always been team-led, so we feel the infrastructure will mean that although we’re sure he’ll be missed, and the lead manager on a number of funds will change, there should be little, if any, impact on underlying investors,” Darius McDermott, managing director of Chelsea Financial Services, said.