The $56 billion Ohio Public Employees Retirement System (OPERS) on Friday announced that it had placed Invesco on a watchlist after regulators filed charges against Invesco Funds Group (see Prosecutors: Invesco Engaged in Massive Market Timing Scheme ). Invesco manages $219 million in domestic equities and $27 million in fixed-income assets for OPERS.
“Invesco will be eligible to be removed from the watchlist after all regulatory issues have been resolved and OPERS is satisfied that the firm has remedied the supervisory and compliance issues connected to its mutual fund-trading practices,” the retirement system said in the news release.
Earlier this month, Florida officials dropped an Invesco mutual fund offering from the state 401(k) plan (see Florida Drops Invesco and Debates Dropping Putnam ).
Invesco’s British-based parent company, AMVESCAP Plc, has denied Invesco or its employees violated any laws and has said it would “vigorously” contest any charges against the company or its employees (see AMVESCAP Responds to Civil Charges ). AMVESCAP, which says it tried to curb “harmful” market timing practices, also argued that its position was made more difficult without clear market timing laws and rules – but also said that “…market timing is a lawful activity. “