INVESCO Institutional Inc. alleged in the New York state court suit that DeAM illegally raided the services of the four executives from INVESCO Worldwide Fixed Income group including its Chief Investment Officer (CIO). DeAM schemed for months as part of its efforts to bring the executives to its company, according to the suit.
- Stephen M. Johnson, who had overseen $93.7 billion in assets under management as CIO,
- Kenneth R. Bowling,
- James Guenther; and
- Randy G. Paas.
DeAM also said it was bringing in 12 additional senior staff employees.
The INVESCO lawsuit said Deutsche secretly contacted Johnson, Guenther, Bowling and Paas as part of what it said was an effort to lure the four men despite their having signed Global Partnership agreements. The suit described the Global Partner position as being “reserved for select employees who have demonstrated exceptional ability and have made a substantial or unique contribution to INVESCO’s business.”
The suit alleges that DeAM:
- Illegally interfered with its employment relationship with the four executives.
- Aided the four executives in committing a breach of their fiduciary duties under the partnership agreements.
- Conspired to use the hiring to steal INVESCO’s trade secrets.
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