AMVESCAP Forms Private Equity Co

May 6, 2002 ( - AMVESCAP is merging its INVESCO Private Capital and Sovereign Financial Services units to better focus their resources on private equity partnership investing, AMVESCAP said in an announcement.

The combined firm will operate under the INVESCO Private Capital name, and be led by Parag Saxena. Both firms now provide funds-of-funds to institutional investors, stand-alone accounts, and high net worth clients.

The senior investment team for the funds-of-funds offerings will consist of Parag Saxena, Katherine A Cattanach, Mary Frances Kelley, Ray Maxwell, and Phil Shaw.

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INVESCO Private Capital will continue to offer a series of funds that focus on direct venture capital investments, the announcement said.

The Denver-based Sovereign, formed in 1987, was part of Atlantic Trust Pell Rudman, which was acquired last year by AMVESCAP.  INVESCO Private Capital, a unit of INVESCO, began private equity investing in 1982 and has offices in New York and Palo Alto, and an affiliated office in London.