Amvescap's independent trustees are seeking permission to ask shareholders to approve the merging of the boards of its subsidiaries AIM and Invesco. The trustees, in a registration statement filed with the Securities and Exchange Commission, say this will be the second step in Amvescap's plan to merge all of its North American fund operations, the first step being AIM becoming the distributor for all of the funds.
Amvescap is also asking shareholders to allow AIM to become the investment advisor and administrator for both fund families. 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 scheduled to take place in Houston on Oct. 21.
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