Invesco Real Estate to halt business with new clients
By Arleen Jacobius | October 3, 2012 1:59 pm
“We are always monitoring the capacity in our business to serve our separate accounts,” Mr. Swango said.
“We are fortunate to be in discussions with two new separate accounts that once executed will allow us to once again close our doors and focus exclusively on our existing group of core clients,” Mr. Swango said.
Invesco Real Estate currently has $10 billion in separate accounts for U.S. investors.
Executives decided not to add new clients as part of their business management philosophy because they didn't want to have more separate accounts than they could effectively manage.
“With separate accounts, you buy one property at a time. It's not like building a portfolio of stocks where you buy some for each of your clients. With real estate you want to have an appropriate number of separate accounts,” Mr. Swango said.