Taylor will take over on 1 January 2023 to ensure a smooth transition before Millar retires from his position at the end of March 2023. In addition, fund manager Clive Emery will take on new responsibilities in a new role as head of multi-asset strategies, reporting to Taylor.
As head of the multi-asset team, Taylor will report to CIO Stephanie Butcher and take responsibility for all multi-asset products, performance and people management within the team. Emery will lead the development of bespoke multi-asset strategies, with a focus on ESG.
“It has been a pleasure to have joined Invesco almost ten years ago, set up a new team and capability, and then successfully launched a range of multi asset products,” Millar said.
“Most recently, we launched the Summit Responsible range that helps clients access a low-cost diversified portfolio whilst meeting their ESG related goals. I am proud of what we have achieved as a team and have also valued the meaningful collaboration across Invesco’s investment teams globally.”
Millar stepped down from direct fund management responsibilities in June 2021, although he remained accountable for the Global Targeted Returns fund, which he helped build since he joined the firm in 2013, as well as other multi-asset ranges.
He joined Invesco from Standard Life Investments, where he worked as a fund manager of its Global Absolute Return strategy. Prior to that, he worked at the fixed interest team at Scottish Widows Investment Partnership in 1996, later becoming head of bond strategy.
Taylor joined Invesco eight years ago to help run the income variant of the Global Targeted Return strategy, later taking on the role of co-manager. Prior to that, she held roles at HSBC, Goldman Sachs, State Street Global Markets and Legal & General Investment Management.
Butcher added: “David’s contribution has been hugely significant for Invesco. The team and products he built from the ground up serves clients all over the world. He developed a highly sophisticated macro research agenda and transformed the multi-asset team’s alternatives investment capabilities.”
“The leadership he has demonstrated brings to bear his years of experience, most recently as we have started to develop thematic investment strategies that are relevant to our clients’ needs. It is with our wholehearted appreciation that we wish David well for the future.”
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