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Invesco chief executive: we're going to do just fine

by Robert St George on May 01, 2014 at 15:07

Invesco chief executive: we're going to do just fine

Martin Flanagan, chief executive of Invesco, has assured investors that the group’s UK business will not be adversely affected by the departure of several team members.  

‘We anticipated that these three might leave,’ said Flanagan, referring to the triple exit announced today.

‘They were junior people and they were not contributors to Mark Barnett’s excellent long-term track record.’

Flanagan added that only one of the three, Stephen Lamacraft, managed money and noted that Barnett had also been recruiting for his team.

‘We view these departures as very manageable,’ commented Flanagan.

On the broader question of Neil Woodford’s new venture, Flanagan expressed confidence in Invesco Perpetual’s UK team.

‘We compete with some very talented organisations that have been in the market for decades with excellent resources,’ he remarked. ‘We’re going to do just fine.’

Flanagan argued too that after the second quarter, when the loss of the $13 billion (£7.7 billion) St James’s Place mandate would be booked, the outlook would become brighter. ‘The toughest stuff is behind us,’ he stated.

Flanagan accepted that the loss of some of those assets to Threadneedle had been ‘a much larger switch than we had thought’, but felt it was ‘more a strategic view than anything else’ from St James’s Place. ‘We feel we have done an exceptional job,’ he said of Invesco Perpetual’s work for the wealth manager.

In total, during the first quarter Invesco's UK equity income assets under management experienced net outflows of $3.4 billion (£2 billion) - which does not include the St James's Place loss.

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