Invesco closes Australian office
Invesco Asset Management Australia is packing up its local operation and opting to relocate and manage its Australian investments from Hong Kong.
Invesco Asset Management Australia is packing up its local operation and opting to relocate and manage its Australian investments from Hong Kong.
In line with the move, Australian chief executive officer Nigel Hale will leave the group along with the funds management team of four, headed by chief investment officer Tom Cottam.
The reason for the move, according to Invesco, is to integrate local investment functions into a greater Asian regional focus.
Responsibility for the management of its $80 million in Australian investments will be handled by a fourteen strong team in Hong Kong.
Deputy chief executive officer Bleddyn Gambold has been appointed as chief op-erating officer and will stay to manage the local operation.
Invesco says the move will have no impact of its range of international funds of-fered into Australia and the change in focus is in keeping with the nature of the in-vestments.
As part of the changes, Invesco also plans on expanding its sales and marketing arms as well as launching wholesale versions of its Japan and European funds in March.
AUTHOR
Jason Spits
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