INVESCO Funds Group announced that it has promoted Tom Kolbe to national sales manager, replacing Ray Cunningham who was named president and COO of the firm in May.

In his new role, Kolbe is in charge of the firm's sales and business development activities in addition to his current responsibilities as institutional sales manager. Kolbe joined INVESCO in 1999 and was in charge of leading the firm's institutional sales efforts. Under his leadership, the firm developed more than 30 relationships with insurance firms across the country, according to INVESCO.

Prior to joining the firm in 1999, Kolbe worked with Protective Life Insurance Company.

INVESCO has also added Robert Hickey, the former director of corporate bonds for Oak Brook, Ill.-based Van Kampen Investments, to its fixed income management team.

Hickey will manage more than $1 billion in assets held in INVESCO's High Yield and Select Income funds, the company announced. Hickey replaces Jerry Paul, who is "assuming a consultative role during a transition period," the company said in a statement.

Hickey will run the High Yield Fund independently and will co-manage the Select Income Fund with Richard Hinderlie, who was also named manager of INVESCO's Balanced Fund, which was formerly managed by Paul. In addition, Hinderlie manages the firm's money market funds and U.S. Government Securities Fund.

Hickey and two other portfolio managers left Van Kampen in late July when the firm announced it would hand the management of its fixed income products to Morgan Stanley Investment Management, the investment management arm of its parent company, Morgan Stanley Dean Witter, said a spokeswoman for Van Kampen.

As director of corporate bonds with Van Kampen, Hickey was the senior manager for the firm's High Yield Bond, High Income Trust, High Income Trust II, Income Trust and High Income Corporate Bond funds.

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