EUROPE - Jean-Baptiste de Franssu, head of Invesco Perpetual's continental European business, has resigned.

He will end his day-to-day management of the business at the end of April, but will stay on until the end of June to help senior managing director James Robertson, his successor, through the transition period.

De Franssu gave no reason for leaving after 15 years at the head of the European business, though global chief executive Marty Flanagan suggested last week the company would now focus on "bringing the best [of Invesco's global resources] to the European marketplace". 

In an internal memo, de Franssu took credit for the growing the European business "from a non-existing base to $35bn (€24bn) in AUM.

He said: "The opportunities have never looked better for us in Europe to roll out our long-term plan to develop a leading position in the cross-border and institutional channels.

"Given all that we have accomplished, the strong dedicated teams that directly or indirectly support our efforts and the shape in which Invesco Europe is today, I feel certain you will soon again be a dominant player in one of the most important and fastest-growing markets for Invesco."

In a separate memo sent last week to senior managers, Flanagan said EU markets represented "an enormous opportunity" for Invesco because of its population of 500m and $12trn investment management market.

He said: "We have had a strong business in continental Europe for many years and are now working to harness the strength of our global organisation to take full advantage of our opportunities in this region."

The European Fund and Asset Management Association confirmed today that de Franssu would continue in his role as president until June, when his term expires.