INVESCO Funds Group has a new sales head. The Denver-based firm has promoted Tom Kolbe to take the lead role in its sales and business development efforts. He had headed the firm's institutional sales. In his new role he takes the title of senior vice president and national sales manager.

The job that Kolbe takes over may be a challenging one as INVESCO has been hard hit by the collapse of technology stocks over the past 18 months. A number of the firm's funds continue to be heavily invested in technology. The result is that the firm finds itself with a dismal track record to take to potential shareholders.

Kolbe replaces Ray Cunningham who himself was recently promoted to president and chief operating officer of INVESCO Funds Group. Kolbe will also report to Cunningham.

"Tom's promotion is both recognition of his accomplishments and his ability to contribute to the growth of our company in all types of markets," said Cunningham.

Kolbe has been heading INVESCO's institutional efforts since he joined the firm in 1999 from Protective Life Insurance. During the time the fund firm has forged more than 30 distribution relationships with major insurance partners, says Cunningham.  

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