Amvescap has promoted Phil Taylor from head of the firm's Canadian money management division to head of all North American mutual fund operations, including AIM Investments, Bloomberg reports, citing a letter that Amvescap CEO Martin Flanagan sent to employees Monday.
Taylor will assume the new position on April 17. He replaces Mark Williamson, who will leave the company by the end of the year and serve as a consultant until then. One of William's responsibilities will be to complete Amvescap's acquisition of PowerShares Capital Management.
Taylor is tasked with turning around Amvescap at a time when it has been bleeding assets; since January 2005, withdrawals from Amvescap's funds have been second only to those from Putnam Investments. Poor results and investigations into market timing at AIM and its Invesco unit prompted the redemptions.
But given Taylor's track record of increasing assets managed by Amvescap Canada 30% since becoming its chief executive in 2002, he might be up to the task.
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.