Parsons steps down at Invesco

Michael Parsons has stepped down as chief executive officer ofInvesco Australia, citing personal reasons as the driving force behind his decision to leave the company.

Parsons had been forced to relocate from Sydney to Melbourne after Invesco bought County in 1999 and moved its headquarters to the Victorian capital.

"I am leaving for personal reasons, because of the increased need to spend more time in Melbourne away from my home in Sydney. It has not been an easy decision for me to make given the good prospects for our business in Australia and the fact that I thoroughly enjoyed my role, working with such a committed team," Parsons says.

Invesco has announced that Mark Armour, the former chief investment officer at theANZ Bank, will step in to replace Parsons, and will focus on building up Invesco's presence in the Australian funds management market.

Armour has more than 25 years experience in the finance and investment industries in Australia and overseas, including distribution and sales roles with both ANZ andAXA.

Armour left ANZ after it signed a funds management joint venture withING, which effectively saw the ANZ's funds management capabilities outsourced to the Dutch group.

Earlier this year, Invesco Australia suffered two other key departures from its sales and equities teams, with Tony McFadyen leaving as head of sales after just six months in the role, and Australian equities portfolio manager Greg Chapman leaving the industry to pursue other interests.

But Invesco has also made some key appointments this year, with Peter Hodgson joining as head of sales and marketing, and Peter Osborne joining as head of economics.