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Rating:Invesco Loses Asian Distributor for Now Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, January 09, 2004

Invesco Loses Asian Distributor for Now

by: Sean Hanna, Editor in Chief

Invesco Funds has lost a distributor in the Far East because of the fund scandal in the United States.

Standard Charter, a London bank that primarily sells mutual funds in Singapore and Hong Kong, said on Friday that it suspended sales of Invesco funds in December because of allegations by New York State Attorney General and the SEC that executives at Invesco entered into market timing arrangements that potentially harmed shareholders.

Amvescap, the parent of Invesco Funds, has disputed the allegations that the arrangements harmed shareholders and has said that it is fully cooperating the with investigators.

Officials at Standard Charter said that they bank will suspend sales of Invesco Funds until the investigation in the United States is resolved.

The funds sold by Standard Charter are registered in the local Asian markets and are not the same securities that are sold in the United States market.  

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