As part of the changes, Andy Crossley, formerly head of the Smaller Companies Growth fund, will be leaving the firm at the end of 2010 after 18 years of service. He will begin to transfer his fund management responsibilities to the vehicle's new management with immediate effect, the firm said.

The newly-merged fund will be jointly run by fund managers Richard Smith and Jonathan Brown, with the latter also planned to take over the management of the Invesco Perpetual Aim VCT.

Smith has managed the UK Smaller Companies Equity fund since June 2002.