Invesco Funds has promoted Ray Cunningham as its new president and chief executive officer. He joined Invesco Funds as senior vice president and national sales manager in 1999 and had been an executive at American Capital and GT Global (now a part of Invesco).

The firm said that the promotion stemmed from Amvescap's realignment of its businesses in late 2002. Mark Williamson, who had headed Invesco Funds stepped up to become chairman of the AIM division of Amvescap. That move became official at the start of 2003.

"Ray has substantial industry experience and a strong track record of leadership within Amvescap. He has provided guidance, expertise and insight in steering Invesco Funds Group through these unprecedented market conditions. I look forward to working with him as we strive to help people worldwide build their financial security," said John Rogers, the new chairman of the Invesco division in a statement.  

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