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Monday, March 22, 2010

Merger Will Eliminate 60 Sales Jobs

News summary by MFWire's editors

When Invesco finishes its acquisition of Morgan Stanley's retail asset management business (including Van Kampen), the union will eliminate 60 jobs from the combined sales organization, an Invesco Aim spokesperson confirmed to The MFWire.

The deal is expected to close at the end of the second quarter.

There will be a total of 375 people in the combined sales force led by John Cooper, president and CEO of Invesco Aim Distributors.

Bobby Brooks, currently head of the wirehouse channel for Invesco, will have the same role at the combined organization supported by 33 wholesalers. Brian Lee, senior director of sales and channel development at Invesco, will run the planner channel with 30, Andrew Scherer, managing director of the intermediary channel at Van Kampen, will oversee the RIA channel with five and Mark McClure, who runs the broker-dealer channel at Van Kampen, will head up the independent broker-dealer channel with 27 wholesalers.

Invesco's Terri Fielder will continue as head of national accounts management. Peter Gallagher will remain director of sales and institutional business development, in charge of DC, insurance and sub-advisory sales via home offices. That team will consist of 12 people. Terry Kelly will remain director of sales, retirement and insurance division.

The number of retirement consultants will go from nine to 12, according to the Invesco spokesperson. 

Edited by: Armie Margaret Lee

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