Butcher is a senior managing director at the firm, and part of the executive leadership team, among the others with that title are her co-head of investments in the US, and the global head of distribution.
No one has replaced Butcher in her previous role as chief investment officer for EMEA, as the focus is on taking a more global approach to investment management and client services.
It is testament to Butcher’s analytical nature that she describes the move from managing money to leading a team as: “running a portfolio of companies, to an extent, to running a portfolio of people. It’s about seeing the best in people and bringing it out in them.”
She rejects the suggestion that in the era when Woodford ran £33bn of client assets from Henley that Invesco was too reliant on UK equity funds, saying that the profile of the individuals created that impression but that the business was always more diversified.
But she does agree that its “probably a good thing” that clients are generally more diversified in their portfolios right now, rather than be over exposed to the UK – though she adds that one of their UK equity strategies, UK Opportunities, is currently getting net inflows, despite the exodus from UK equity funds in the industry more generally.
A hint as to her leadership style and temperament may also be found in her remarks when asked about what is on her to-do list for the coming year.
She notes: "I don't think its a case that any box is ever fully ticked, its always an iterative process."
ESG: blurred lines
Another area that has come into her remit is ESG; a part of the market that attracted significant inflows across the first two years of Butcher’s time as chief investment officer.
But in 2023, Morningstar data shows that across the industry there have been outflows from ESG mandates, and a profound debate around the future scale and value of the sector has begun.
Butcher says: “The reality is that what clients want will determine what happens. But I do think there has been an issue with lines being blurred. My view is that anyone who is managing money needs to consider the financially material environmental risks.
"Frankly, if you are investing in an oil company but not considering the environmental impact, then you are not doing your job.
"But that is different to clients who want ESG to be the primary factor in how their portfolio is constructed. And I think in some parts of the industry the line between those two things got blurred in recent years.”
