Invesco Sheds Oppenheimer PMs
Website Citywire wrote last month that "12 PMs exit as Invesco reorganizes management teams." They explain, "The firm has made changes to the lineup on a raft of funds as it reorganizes management teams following the close of its OppenheimerFunds acquisition on May 24. Twelve portfolio managers have left Invesco as a result of its efforts to align management teams following the acquisition of OppenheimerFunds, according to a memo seen by Citywire.... According to LinkedIn, eight of the 12 departed portfolio managers were originally OppenheimerFunds employees." Invesco's Greg McGreevey comments, "These changes affect only about 3% of Invesco's total investment professionals globally, and we have plans in place to minimize disruption for our clients, our employees and our business." The article explains, "Fixed income managers Ruta Ziverte, Rashique Rahman, Jill Reiter and Helena Lee have all left the firm.... Robert Waldner has been removed from the $1.6 billion Invesco Short Term Bond fund, the Core Plus Bond fund and the $26.4 million Invesco World Bond fund, but is not leaving the firm.... Meanwhile, the Invesco global liquidity team will take over management of the combined firm's cash funds, which include the $556.9 million Invesco Oppenheimer Government Cash Reserves fund, the $1.7 billion Invesco Oppenheimer Government Money Market fund and the $334.8 million Invesco Oppenheimer Ultra-Short Duration fund. As a result ... Adam Wilde and Christopher Proctor, who previously managed these funds, have left the firm, according to a memo." Invesco President & CEO Marty Flanagan adds, "We're working to further integrate our two businesses thoughtfully and at speed, which will help us achieve our objectives: delivering a superior investment experience to clients while achieving the scale and operating efficiency that will benefit our shareholders and our long-term business." For more, see `Crane Data's June 3 News, "Oppenheimer Funds Now Invesco Oppenheimer" and our Oct. 22, 2018 News, "Invesco Buying OppenheimerFunds.")
