Amvescap continued to phase-out the Invesco brand name last week as it cut 26 jobs, including four fund managers, at the beleaguered fund shops offices at the Denver Tech Center, the Rocky Mountain News reports.
Invesco Health Sciences fund manger Thomas Wald and Invesco Financial Services fund head Joseph Skornicka are both out. Additionally, Stacie Cowell and Cameron Cooke, managers of the Invesco Small Company Growth fund are also losing their jobs. The information is gleamed from the announcement and its failure to list the quarter as current managers.
Of the 26 laid off, 10 are traders and analysts. Additionally, the firm announced that 17 U.S. funds bearing the Invesco name will be rebranded as AIM funds as of Oct. 15. Furthermore, the firm reiterated that it has no plans to sell off or rid itself of the naming rights to Invesco Field at Mile High, the home to the National Football Leagues Broncos.
The cuts come after Invesco, and its sister-company AIM, agreed to a $451 million settlement with regulators over improper trading arrangements at the two shops. Invescos former CEO also reached a separate $500,000 deal with regulators, which included a two-year industry suspension.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.