June 28, 2002 -- Invesco Funds Group said it will eliminate 111 positions, representing about 15% of its workforce, due to weak market conditions.
Laura Parsons, a spokeswoman for the firm, said three portfolio managers will be among the job cuts: Trent May of INVESCO Endeavor Fund/Inv (IVENX), Doug McEldowney of INVESCO Global Growth Fund/A (IGWAX), and Tom Samuelson of INVESCO Advantage Fund/A (IADAX). The managers are being replaced by teams of current Invesco managers.
Timothy J. Miller, Invesco's chief investment officer, will lead a team taking over the Endeavor Fund, while William Keithler, the company's director of sector management, will lead the group running the Global Growth Fund. The Advantage Fund will be managed by a team headed by Miller and Charles P. Mayer, the director of value and fixed-income management.
As reported, May and McEldowney were replaced earlier this year as managers of the INVESCO Growth Fund/Inv (FLRFX) by a team led by Miller.
In a press release, Invesco's president Ray Cunningham stated "unprecedented market conditions that we have sustained over the past 28 months are affecting the entire financial industry. Shareholder reaction to the weak markets is understandable, activity is slow, and our volumes are below the levels for which we are staffed."
Year to date through June 27, Global Growth has declined 22.56%, Advantage has dropped 26.21%, and Endeavor has plunged 38.65%. For the 12-month period ended May 31, 2002, these three funds have lost 26.06%, 33.44% and 46.20%, respectively.
Invesco Funds had $32 billion in assets under management at the end of March, 2002, down from $50 billion in March 2000.
Based in Denver, Invesco is a subsidiary of AMVESCAP (AVZ), the British financial services company.