Invesco Perpetual is to change the name and investment aim of its £52million Global Dynamic Theme fund because it is “too restrictive.”

The fund, which was launched 12 years ago, aimed to offer investors a way to access mega trends present in the global economy, but the group has now decided to offer investors a broader mandate.

“When the Invesco Perpetual Global Dynamic Theme fund was launched in 1997, our belief was that a thematic fund offered investors a way to access global mega trends present in the global economy,” the group told fundstrategy.co.uk.

“Since then the market has developed and matured and we believe that this thematic approach is now restrictive and narrows the investment universes preventing investment in many worldwide companies where we see the potential for attractive returns.”

Invesco Perpetual is now seeking unit-holder approval to rename the fund and change its investment objective.

“The Invesco Perpetual Global Dynamic Theme Fund mandate will change along with its name to the Invesco Perpetual Global Opportunities Fund. This change is expected to take place on the 27 February (subject to shareholder approval),” said Invesco Perpetual in a statement.

“The Global Opportunities Fund, to be managed by Paul Boyne, will reflect the underlying team’s highest investment convictions and will hold typically 50 stocks, with a range of 40 to 60 holdings. The focus will be on providing long-term capital growth.”

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