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Money Management Executive

Amvescap realigns AIM, INVESCO

October 30, 2002, 1:00 a.m. EST 1 Min Read

On the heels of laying off 5% of its workforce, Amvescap PLC has reorganized its subsidiaries, AIM and Invesco. Mark H. Williamson will be the CEO of AIM and John D. Rogers will be CEO of Invesco. The Managed Products, Institutional, and Global divisions will be dissolved and the Invesco Retirement division will be renamed Amvescap.

The AIM division will include the domestic AIM Funds as well as Canadian-based AIMTrimark. Bob Graham, vice chairman of Amvescap, will also serve as chairman of the AIM division.

The Invesco division will include Invesco Funds Group, Invesco Institutional, and Invesco Global. Michael Benson, vice chairman of Amvescap, will also serve as chairman of the Invesco division.

"This realignment is a natural evolution for our business. By pulling together our like-branded businesses, we can simplify our company for clients and intermediaries, and gain additional marketing leverage and synergies for AIM and Invesco ," said Charles W. Brady, executive chairman.

In tandem with its earnings report last week, Amvescap said it would lay off 5% of its employees, amounting to 500 positions across the company.

Denver-based Invesco Funds Group reportedly expects no job cuts, as the company eliminated 111 positions in June; AIM Funds expects to lose 120 jobs before the end of the year, the first time the company has resorted to layoffs.
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