Invesco Income Growth Segregated Fund Portfolio Manager Update
Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).
Plan sponsors don’t need to take any immediate action as a result of this update.
Anthony Rago, a member of the five-person Invesco Canada (Invesco) portfolio management team has decided not to join CI Global Asset Management (CI GAM). This follows the close of the sale of Invesco funds, including Invesco Income Growth (Income Growth), to CI GAM, as we initially communicated here. The other four managers - Clayton Zacharias, Alan Mannik, David Pirie, and Brian Tidd - have fully transitioned to CI GAM.
Rago, who was expected to join CI GAM on July 13, 2026, has advised the firm that he will pursue other opportunities. As a co-portfolio manager, Rago supported Income Growth with stock research. Rago was on leave and had not formally joined CI GAM at the time of deal close on June 1, 2026. He was not named as a portfolio manager on any of the funds that transitioned from Invesco Canada to CI GAM.
CI GAM has confirmed that they will not hire any additional resources to replace Rago. Instead, Zacharias and Mannik will leverage CI GAM's research platform to source investment ideas and maintain coverage of the portfolio's holdings. They are the primary decision makers on Income Growth and will continue in their roles as lead portfolio managers.
Zacharias has more than 30 years of industry experience and has served as lead portfolio manager of Invesco Income Growth since 2012. Mannik has more than 23 years of industry experience and has served as lead manager of some Invesco Balanced and Canadian equity funds since 2014.
Sun Life GRS Investment Solutions team view
When we learned of the fixed income portion of Income Growth having new management from CI GAM, we placed the Invesco Income Growth Fund “On Watch” due to uncertainty surrounding the investment team’s transition to CI GAM and other potential changes. Although Rago’s most recent departure should have a relatively minor impact, it is still another change which contributes to the uncertainty. We take some comfort in the tenure of Zacharias and Mannik and the potential benefits of CI GAM’s centralized research team. We will continue to monitor this transition and provide updates as necessary.
As we announced on June 8, 2026, we no longer market the Income Growth Fund on our platform. This means that the Fund will no longer be available to plans who don’t already offer it in their line-up.
Questions?
Please contact your Sun Life Group Retirement Services Representative.