As part of the reorganization, six INVESCO money managers in Denver are likely to get a pink slip, Ivy McLemore, a spokesman for Houston-based AIM, told Reuters. The company declined to name the managers who would soon hit the street.
The companies said the move targeted mutual funds with weaker growth potential that, in some cases, resemble existing portfolios already under the Amvescap roof. The move is expected to save money for the companies and investors.
INVESCO in Denver now will focus on sector funds and small- and mid-cap US growth funds, McLemore told Reuters. The companies said they expect to complete the moves in November, pending shareholder approval.
The biggest planned changes include the merger of the $811-million INVESCO Balanced Fund into the INVESCO Total Return Fund and the $477-million INVESCO Growth Fund into the AIM Large Cap Growth Fund, according to the companies.
In addition, Charles Mayer, head of Invesco’s value and fixed-income investments and co-manager of the INVESCO Balanced Fund, plans to leave the company to “pursue other interests” on July 15, the companies said.
For the reorganization announcement detailing the fund changes, go to http://www.aiminvestments.com/press_release/0,,1477_15385,00.html .