From departments including sales to institutional clients
Author of the article:
Bloomberg News
Esteban Duarte
Published Apr 03, 2023 • Last updated 3 days ago • 1 minute read
Invesco Ltd.’s total assets under management for February fell by 1.7 per cent to US$1.458 trillion versus January. Photo by Igor Golovniov/SOPA Images/Sipa USA Invesco Ltd. is downsizing its operations in Canada amid renewed volatility in global financial markets, according to people familiar with the matter.
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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The Atlanta-based asset management giant is eliminating about 40 jobs from departments including sales to institutional clients, said the people who asked not to be name because the matter is private.
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“Invesco remains committed to the Canadian market. While we have streamlined operations, our strategic priorities in the region remain the same,” a representative for the company said in an emailed statement, without adding details of the reorganization.
Invesco’s total assets under management for February fell by 1.7 per cent to US$1.458 trillion versus January, amid unfavourable market returns, it said in March 9 statement.
The asset management industry has faced pressure to adapt as investors migrated from actively managed products, generating higher fees, to lower-cost alternatives tied to indexes. That has forced many firms to grow in private markets as well as hunt for deals, hoping combinations would help them build scale and keep operating expenses down.
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Bloomberg.com