AIM has filed with the SEC to become the investment advisor to the Invesco funds that AIM distributes. Additionally, an Invesco entity, Invesco Gloabl Asset Management, will serve as sub-advisor for all the Invesco funds.
Amvescaps independent trustees recently sought permission from shareholders to approve the merging of the boards of its subsidiaries AIM and Invesco (see MME 8/11/03).
These steps are all part of parent company Amvescaps plan to merge all of its North American fund operations under the AIM umbrella. In addition, Amvescap would like to restructure some of the AIM series funds as Delaware statutory trusts. The proposal would bring all of AIM's and Invesco's back-office operations under Amvescap, and result in overlapping funds being merged.
Speaking for the entire board, the independent trustees are telling shareholders they believe their best interests would best be served if Aim and Invesco had a unified board.
The shareholder meeting is on both the board and the advisor issues is scheduled take place in Houston on Oct. 21.