Invesco relocates investment business
Invesco Asset Management Australia is to beef up its distribution and marketing teams in the wake of the decision to relocate its Australian investment management business to Hong Kong.
Invesco Asset Management Australia is to beef up its distribution and marketing teams in the wake of the decision to relocate its Australian investment management business to Hong Kong.
Invesco’s head of funds marketing, John Ntatsopoulos, says the group is about to sign on a number of distribution and marketing people to cater for burgeoning de-mand for Invesco’s international funds offerings.
“We have had very strong inflows over the last few months, predominantly on the back of very good performance figures,” he says.
“The success is also based on the combination of our sales and distribution teams keeping advisers up to date on the movements within the funds.”
The announcement of growth in the team servicing the Australian market follows the decision to relocate the group’s investment management activities to Hong Kong. As a part of the relocation, Invesco’s chief executive officer Nigel Hale and the four person investment team headed up by Tom Cottam, will depart Invesco.
Research houses have expressed concern on the future of Invesco’s Australian-based funds. Assirt has issued a hold notice on Invesco’s Australian Small Compa-nies Fund, previously three star rated by Assirt, and the two star rated Invesco Australasian Growth Fund.
The ratings of the four investment grade-rated Invesco funds — the Asian Growth Fund, Wholesale Asian Growth Fund, International Bond Fund and Wholesale In-ternational Bond Fund — remain unchanged. The announcement by Assirt is pend-ing of “a more complete review” to be conducted mid-March.
Invesco says the reason behind relocating the investment business 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 the 14 strong regional investment team in Hong Kong.
Invesco have begun the search for a replacement for Nigel Hale but do not expect to name the new chief executive before the middle of the year.
“But for all intensive purposes it is business as usual for our Australian clients,” Ntatsopoulos says.
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