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Invesco Fund Consolidation Begins

Plus, Vanguard changes target-date allocation, SEI axes AXA Rosenberg, and more.

Morningstar Analysts, 10/04/2010

Three months after closing its acquisition of Morgan Stanley's MS fund family, Invesco IVZ has started consolidating its lineup of 130 open-end mutual funds.

The mutual fund manager announced it will liquidate Invesco Alternative Opportunities MAOAX, Invesco FX Alpha Plus Strategy FXPAX, Invesco FX Alpha Strategy FXAAX, Invesco Van Kampen Global Bond VGBAX, Invesco Structured Growth AASGX, and Invesco Structured Value ASAVX on Oct. 29.

These funds are some of Invesco's smallest and they represent less than 0.5% of the $100 billion in open-end mutual fund assets the firm manages in the United States.

This is part of the firm's consolidation process, which should continue to unfold over the next several months. It already has cut more than 30 investment professionals and eliminated multiple investment teams to reduce overlap in portfolio-management capabilities.

Invesco also announced the closing of B shares for all Invesco funds on Nov. 30. Existing assets in B shares will convert to A shares following individual fund share-aging schedules. The company has about $8 billion in B shares as of Aug. 30.

SEI Axes AXA Rosenberg, and Other Subs
SEI has changed subadvisors at several of its funds.

The $22 billion asset manager fired AXA Rosenberg and Declaration Management & Research as subadvisors of the $1.9 billion SEI International Trust Equity SEITX, which has a 1-star Morningstar Rating for funds.

The fund has struggled to keep pace with peers the last few years. In 2008, it lost more than 50%. And its 23.6% gain in 2009 lagged the MSCI EAFE, which gained more than 31%. As a result, the fund ranks among the bottom 2% of the foreign large-blend category as of Sept. 29, with its three-year annualized loss of 15.3%.

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