Yahoo Finance Invesco Perpetual under fire from veteran investment chairman over fees
Funds firm Invesco Perpetual came under fire from the chairman of an investment trust it ran for nearly 20 years on Tuesday after the two sides fell out over fees.
Donald Adamson, chairman of Enhanced Income trust, run by Invesco since 1999, said Invesco was “out of touch” in its attempt to kick him off the board because of the spat.
Invesco resigned from running the trust a month ago after Adamson’s board tried to renegotiate fees paid to the company.
Invesco, which owns 16% of the trust, has called a meeting to vote off Adamson and a non-executive and is backed by two other shareholders, Gam and Practical Investment Fund.
“It’s a cynical exercise trying to use concentrated voting power against retail investors who comprise the majority of the share register,” he said.
Since the resignation, Adamson said the trust had received at least four other proposals cheaper than Invesco but Invesco was trying to thwart retail investors getting a better deal.
He added: “The culture they are demonstrating is out of touch with modern standards of behaviour, they are trying to obstruct better terms being obtained by our shareholders.”
Invesco declined to comment. A vote must be held by 22 July.
