Wall Street Journal Fund Track
, Sam Mamudi
notes that Invesco is holding its own among its rival fund firms after struggling for years and credits the rebound to changes implemented by CEO Martin Flanagan
, who took
the top job in 2005. If the article seems familiar, that's because it first appeared in the
WSJ's sister publication MarketWatch
on Monday (see The MFWire,
The changes Flanagan has implemented include simplifying the organization. Invesco had about 5,400 employees at the end of September, down from around 6,500 in June 2005.
"We expect this trend to continue in 2009," a spokesman was quoted as saying.
Going forward, Flanagan told Mamudi that he aims to grow the firm's clientele outside the U.S. Currently, 42 percent of its clients are outside the US.
"When you think that half of all manageable assets are in the U.S., then by definition 50% should be non-U.S.," he said. "We're getting there."
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