Invesco is paring back its management team as four of its portfolio managers were issued their walking papers, Reuters reports.
The Denver-based firm is the latest fund shop to go under the knife as skippers Brian Hayward, Richard Hinderlie, Robert Hickey and Peter Lovell were recently removed from the manager list on the companys website, the report said. The move is a result of parent company Amvescap's restructuring plan to eliminate 20 mutual funds by merging them into other portfolios . Two analysts are also exiting the firm.
Invesco and Amvescap's other U.S. fund unit, AIM Investments, announced last month that six Invesco mutual fund managers or analysts would be laid off in the reorganization.
Hayward's $325 million Telecommunications fund was folded into the Invesco Technology fund, while the $811 million Invesco Balanced fund, previously co-managed by Lovell and Hinderlie, was merged into the Total Return fund.
Fritz Meyer's $45 million Growth and Income fund was absorbed by the AIM Blue Chip Fund, and Hickey's $321 million High Yield fund was merged with a similar portfolio at AIM. Meyer is no longer with the fund, but has remained with Invesco doing product management, an industry source said.
Amvescap at the time of the reorganization had identified mutual funds with weaker growth prospects that in some cases are similar to existing portfolios under the Amvescap umbrella.