INVESCO restructures retail and institutional arms
UK – INVESCO has restructured its UK organisation in order to focus on its separate retail and institutional businesses and deal with the group’s expansion following the acquisitions of Perpertual and GT.
The newly created Institutional and Overseas Investment Team will handle the company’s institutional domestic and foreign mandates, as well as various overseas mutual funds.
“ The acquisition of Perpetual and GT has significantly increased the size and shape of our business in the UK over the past few years, and the creation of teams which focus on the specific needs of individual client groups is a natural evolution of this growth,” says Hugh Ward, chief executive of INVESCO Asset Management.
The institutional team, based in London, consists of 57 investment professionals and has some £14.2bn (e23.5bn) of assets under management. Tony Broccardo has been appointed chief investment officer of the division, supported by Bill Barron as his deputy. Meanwhile, Riccardo Ricciardi has been named chief investment officer of INVESCO’s global division.
The UK retail investment team includes all of the fund managers based in Henley-on-Thames, together with the firm’s unit trust fund managers in London. The group consists of 54 professionals who manage around £17.3bn of assets under management.