Invesco Lays Off 111, Including Three Fund Managers
Firm cites poor performance, shrinking assets, and brutal bear market.
Struggling in the third year of a brutal bear market, Invesco Funds will cut its staff by 15%, including removing three mutual fund managers.
Denver-based Invesco said on Friday that it would eliminate 111 positions and that it had fired Invesco Endeavor (IVENX) manager Trent May, Invesco Global Growth (IGWAX) manager Doug McEldowney, and Invesco Advantage (IADAX) manager Tom Samuelson. All three funds have been among the worst offerings in their respective categories--large-cap growth, foreign stock, and mid-cap blend--during the last two and a half years in a hostile market for their brand of aggressive investing.