Amvescaps independent trustees are seeking permission to ask shareholders to approve the merging of the boards of its subsidiary companies, AIM and Invesco. The trustees, in a registration statement filed with the SEC on Friday, say this will be the second step in Amvescaps 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 now asking shareholders to also allow AIM to become the investment advisor and administrator for both fund families. In addition, Amvescap is asking shareholders to restructure some of the AIM series funds as Delaware statutory trusts. The proposal would bring all of AIMs and Invescos back-office operations under Amvescap, and result in funds that overlap being merged. The shareholder meeting is scheduled for Oct. 21.