] continues to adjust its lineup after buying Van Kampen
and the rest of Morgan Stanley<
's retail asset management business earlier this year. Yesterday the Atlanta-based mutual fund firm told
investors that it plans to merge a number of funds over the next six to nine months and save fund shareholders $78 million in reduced expenses over two years thanks to the mergers.
Invesco spokesman Ivy McLemore told Bloomberg
's Christopher Condon that Invesco proposes that 43 of its funds will swallow 69 others in the process and that Invesco won't get rid of any PMs or analysts due to the mergers. But who will lead the 43 surviving funds, post-mergers?
"To achieve this, our approach for realigning the funds favors those funds whose investment teams will be managing the fund on a go-forward basis and which have in place the longest tenured track record that is most representative of the team's investment process," Invesco's letter to shareholders reads.
Yet Invesco already has trimmed some positions in the wake of the Van Kampen deal. In September Morningstar reported
that Invesco had "cut more than 30 investment professionals and eliminated multiple investment teams to reduce overlap in portfolio-management capabilities."
Neil Anderson, Managing Editor
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