Mustoe will take up his new role on 7 June, whereupon he will work closely with Yerbury to ensure a smooth transition of responsibilities, the firm said in a statement. Having relinquished the role of CIO, Yerbury will continue to work with James Robertson, the firm’s chief executive, in his capacity as a senior managing director and a member of the Invesco Perpetual management team.

Mustoe was latterly CIO of Pictet Asset Management, where he oversaw the firm’s equity investment teams in London. Prior to taking up this position in 2006, he had been CIO at Hermes Pensions Management since 2001, where he was responsible for all asset classes including equities, fixed income, property and alternatives. 

"I am pleased that in Nick we have found someone who shares our core investment beliefs and who will be a natural fit with our investment-led culture,” Neil Woodford, head of investment at Invesco Perpetual, said in a statement.