Invesco has made nine fund managers and six analysts redundant from its London and New York offices....
Invesco has made nine fund managers and six analysts redundant from its London and New York offices.
The lay-offs are the result of a 'strategic review designed to strengthen our investment capability going forward', according to Jane Drew, communications manager.
In London, changes were made to the global equities and the pan-European team and in New York redundancies affected the global equities team.
In the London global equities team, Habib Subjally has replaced Richard Beggs as manager of the Invesco Perpetual International Growth Fund and Francesco Bertoni as manager of a number of institutional mandates.
In the London pan-European equities team, Alister Hibberty has taken over management of the Invesco GT Pan European Fund from Steve Chamberlain and the management of the Invesco GT Continental European Fund from Ben Legge, Robert Churchlow has been replaced as manager of two institutional mandates by Andy Cawker while Dominic Wallington and Nick Ford have been replaced as managers of a number of institutional mandates by Michael Joynson and finally Anand Sunderji has been replaced as manager of the Invesco Europe Equity Fund by Dominic Wallington.
In New York, Ben Ebel has been replaced as manager of the Invesco GT Telecoms Fund by Habib Subjally. Subjally will also take over management of the Invesco GT Technology Fund from Jay Nakahara in December. The other six redundancies in New York were analysts.
Invesco has also promoted Bob Yerbury to chief investment officer for Invesco UK, which includes both Invesco Perpetual and Invesco Institutional UK. He was previously chief investment officer for Invesco Perpetual alone.
Neil Woodford, Graham Kitchen and Habib Subjally have also been promoted to heads of their respective teams, reporting to Yerbury.
Kitchen has become head of investment, pan-European equities, London.
All of the London-based UK and European equity teams which serve institutional and overseas clients have been brought together under Kitchen to form one pan-European equity team. He retains responsibility for the London-based retail investment team who manage products for Invesco Perpetual.
Subjally has become head of investment global equities, London, a team which manages mainly global and other multi-market mandates. Those products which have been managed in New York to date will be managed in London.
Neil Woodford has become head of investment, Henley, a team which manages funds for Invesco Perpetual.
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