The team, which started with just three people in 1995, now oversee £ 25.5 billion in assets. Today, 88% of the open fund team’s assets under management are classified in the first or second quartile over one year and 85% are classified in the first two quartiles over three years.

The pair’s retirement marks the first fund manager departure in the team’s history, according to Invesco.

In a joint statement, Causer and Read said the move had “been a very big decision for us.”

The duo will hand over the reins to fund managers Michael Matthews and Thomas Moore, who will assume their co-lead roles from January 1, 2022.

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“We believe that in Michael and Thomas we have two excellent leaders as well as a large and in-depth team that is ready to take on any responsibility to serve our clients and move the team forward for many years to come,” said declared Causer and read.

“We’ve been planning this for over 10 years and will continue to use the remainder of 2021 to help the team complete the transfer and give clients enough time to feel comfortable with the final step of the transition. “

Ryan Hughes, head of active portfolios at online investment platform AJ Bell, said: “The ‘two Pauls’ have been synonymous with Invesco’s fixed interest capacity for longer than most analysts. fundraising has not been in the market and therefore their retirement at the end of the year will certainly be a loss for the company.

“However, the announcement a year ago that they were giving up a number of funds to allow their colleagues to take more of the lead was a sign that this announcement would come sooner rather than later.”

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Hughes said Matthews was “also very experienced,” having worked on the team alongside Causer and Read since 1995. With “Moore’s significant experience,” Hughes said investors can “assume a strong continuity in the fixed interest fund approach “.

“With a strong and experienced team, there is certainly no need for existing holders of any of Invesco’s fixed interest funds to panic and given the well-communicated transmission I would expect little impact on funds over time, ”said Hughes.

Invesco grabbed the headlines for another big-name departure last year, as Woodford protege Mark Barnett left the company after 24 years.

To contact the author of this story with comments or news, email David Ricketts