Mark Barnett, co-head of equities at Invesco, is set to leave after more than 24 years, the asset manager confirmed, as it also announced further changes to its UK equity product range and investment management team.The move followed a review overseen by chief investment officer Stephanie Butcher, it said.Butcher, who was appointed at the beginning of the year, carried out the comprehensive review of the firm’s UK equity product range, “recognising a period of disappointing performance and listening hard to client feedback,” it stated.Firstly, there is a proposed reorganisation of the Invesco UK Equity product portfolio to help add further clarity, differentiation and focus. Secondly, it has been mutually agreed that Barnett leaves Invesco, with James Goldstone and Ciaran Mallon taking over as co-managers of the open-ended funds that Barnett had been responsible for.The firm said that Martin Walker will continue to lead the team as head of UK equities and will manage the Perpetual Income and Growth Investment Trust.These team changes are with immediate effect and “reflect the importance we place on stability and teamwork to ensure investment objectives are met”, Invesco said.Butcher said: “In reorganising the UK equities portfolio and after discussion with Mark Barnett, we have mutually concluded that this is the right time for him to hand over the leadership of these funds and leave Invesco.”He added that the firm remains “committed to our valuation-driven investment philosophy” and that the new team has “the right leadership in place to capitalise on the value that exists in the UK market”.ShareAction: largest asset managers pay lip service for humans rights abuse preventionIn a research report, ShareAction has found that while a large majority of the world’s largest asset managers say they aim to tackle human rights issues, very few take meaningful action – through proxy voting, exclusions, engagement, or adherence to international frameworks – to mitigate human rights abuses like modern slavery and harm done by controversial weapons.The report disclosed that three quarters of the world’s largest asset managers, which were surveyed by the campaign group, make reference to human rights in their environmental, social and governance (ESG) policy documents.However, a whopping 47% – with a combined $45trn (€41trn) in assets – fail to bar investing in weapons that cause excessive or indiscriminate harm, the production of which is banned in countries that have ratified international arms treaties, the study showed.It also disclosed that 84% of asset managers make no stand against purchasing sovereign bonds from countries under international sanction for human rights abuses, thereby undermining international efforts by allowing investment in governments issuing these bonds, for example Libya, Yemen, and North Korea.Furthermore, 15% of asset managers in ShareAction’s research scope make no reference to human rights at all, showing a complete disregard for their impact on human rights and society.“Savers in particular will no doubt be shocked to find how little the industry has done”Felix Nagrawala, ShareAction senior analystOnly 4%, or three out of 75 of the asset managers, have their own dedicated human rights policy, showing greater consideration of their human rights impact, it added.“Aligning investment policies with internationally agreed frameworks to protect human rights is a basic first step, and yet 70% of the world’s largest asset managers – representing $47trn in assets under management – do not have a policy to exclude or even start a meaningful dialogue with companies out of line with guidelines, such as the United Nations Guiding Principles on Business and Human Rights,” it said.Felix Nagrawala, ShareAction senior analyst, said: “The findings of our assessment show that the world’s largest asset managers, while paying lip service to the protection of human rights, are largely failing to hold the companies in their portfolios to account for human and labour rights abuses.”He added that the majority of the most influential investors not only fail to do the minimum by complying with international human and labour rights frameworks, but also actively finance activities which cause human harm and violate labour rights.“Savers in particular will no doubt be shocked to find how little the industry has done to build in safeguards that could prevent their money from being used to fund weapons manufacturers and governments involved in human rights abuses,” he said.Nagrawala suggested that as the COVID-19 pandemic “shines a brighter light on the reality of labour market inequalities and imbalances in access to basic services, it also marks a critical opportunity for asset managers to step up and play their part in ensuring that human and labour rights are protected, in the midst of this crisis and beyond.”Looking for IPE’s latest magazine? Read the digital edition here.
“I was letting the round get away from me somewhat, but making four birdies on the last seven holes was nice to sort of redeem the round a little bit and keep myself in the tournament,” said the world number three, who has been watching videos of his eight-shot triumph at Kiawah Island to gain inspiration. “It makes me feel good because maybe in the middle of the season or a couple of months ago I wouldn’t have been standing up here. I would have been going home. “It’s good to be able to do that and fight back and makes you feel good about yourself going into the weekend. Walking up the second hole, which was my 11th hole today, all I wanted to do is be here for the weekend. All of sudden, I’m somewhat back in the tournament. “If I get off to a fast start tomorrow I’m right there.” Press Association McIlroy, who won five times last year but has recorded just one top-three finish in 2013 since his controversial equipment change in January, looked set to miss his second major championship cut in succession. The 24-year-old was five over par after 11 holes of his second round but birdied four of the next six to add a 71 to his opening 69 and finish level par, seven behind clubhouse leader Adam Scott. Defending champion Rory McIlroy’s thoughts turned from survival to revival after an excellent recovery in the US PGA Championship at Oak Hill.
Football in Turkey was slow to stop, but pressure from the footballers forced a smart decision to be made that will surely avoid further risk of spread.“I hope everything improves. Thank God I’m fine, I feel fine. I would like to thank those who are calling and sending text messages, receiving their support makes us strong, “said the club’s vice president who meets his respective isolation.Galatasaray confirmed that both the leader and his wife are going through their sixth day of isolation and the symptoms have gradually decreased. Albayrak was key for Falcao’s arrival to the Turkish team, the vice president traveled to Monaco to close the negotiation and accompanied the Tiger on his trip to Istanbul to be introduced.Galatasaray’s top two rivals in Turkey, Fenerbahce and Besiktas, sent a message of support for the team’s vice president, demonstrating the solidarity that must be maintained in the face of this situation, which already claims more than 15 deaths worldwide. The Galatasaray coach, Fatih Terim, he announced on one of his social networks that he has tested positive for coronavirus. “Based on the results of tests conducted today, my COVID-19 result was positive. I am in good hands at the hospital. Don’t worry, “was the message the legendary 66-year-old Turkish coach wrote.It is not the only bad news in the Galatasaray environment. In the last hours since club vice president Abdurrahim Albayrak and his wife Şükran Albayrak., also underwent a positive coronavirus test. The two continue to recover from home without needing to be hospitalized. In Turkey, the pandemic has more than 1,200 co-signed cases and 30 deaths.