The mutual fund unit of money manager Amvescap said it had made the decision to slash 111 positions amid the weak market and resulting decline in customer call volumes, according to a Wall Street Journal report.
The departing fund managers include:
- Trent May of Invesco Endeavor Fund
- Doug McEldowney of Invesco Global Growth Fund
- Tom Samuelson of Invesco Advantage Fund.
The three will be succeeded by teams of existing Invesco managers, said Laura Parsons, a fund firm spokeswoman.
May’s Endeavor Fund, with $83 million of assets, plunged along with the technology stocks May stayed loyal to during the downturn. The fund fell 51% during the 12 months ended Wednesday, according to Morningstar Inc.
McEldowney’s Global Growth Fund fell 33% during the same time period, trailing the vast majority of international funds. Invesco moved both managers off of Invesco Growth Fund, a larger portfolio, earlier this year.
Starting Friday, a team of managers led by Invesco chief investment officer Timothy Miller will run Endeavor Fund, and a group led by veteran technology specialist William Keithler will run Invesco Global Growth.
Invesco Advantage Fund will be managed by a team led by Miller and Charles Mayer, director of value and fixed-income investments at the firm. Launched in 2000 near the market’s peak, Advantage has declined 33% during the past 12 months.
Firm wide, Invesco’s assets under management, the primary factor in determining its revenue, have dropped 30% since 2000 — to $32 billion from $46 billion.
As part of the cuts, Invesco also dismissed several securities analysts, who help portfolio managers identify the best stocks or bonds in particular sectors. No senior executives will be leaving as part of the layoffs, Parsons said.