Plus, Matthews manager changes, and more.
Invesco has snatched a prominent Wells Fargo manager and made several other much-needed manager changes in an effort to revive its U.S. mid- and large-cap growth funds. Many of these funds, which once accounted for most of Invesco's domestic-equity assets, have been inconsistent and now represent the smallest slice of the money managed by the group.
Paul Rasplicka, who had managed Invesco Dynamics
Invesco has hired James Leach, comanager of Wells Fargo Advantage Discovery
Under Rasplicka, Dynamics trailed 60% of peers and the Russell Midcap Growth Index. The fund has endured a series of manager changes over the years, struggled in the past two bear markets, and posted uninspiring long-term returns, too. Leach contributed to Wells Fargo Advantage Discovery's strong track record and will apply the same approach at Invesco. Discovery topped both its average mid-cap growth peer and the Russell Midcap Growth benchmark since he joined in mid-2007.
At Invesco's large-cap growth funds, Erik Voss, who joined Morgan Stanley's asset-management business (now part of Invesco) after managing several Seligman funds, will now oversee Invesco's large-cap strategies and also report to Juliet Ellis. In addition to running Invesco Van Kampen Capital Growth
Rob Lloyd, who had run Constellation, Invesco Summit
Ryan Amerman, who has comanaged Invesco Summit since early 2008, will now take the lead role on that fund and several others. This will be Amerman's first time serving as a lead manager.
The changes were necessary to get Invesco's U.S. domestic growth equity lineup on more-solid footing and could improve the funds, said Morningstar analyst Ryan Leggio.