INVESCO will integrate most of the management of its $42 billion in U.S. institutional bond strategies in Louisville, Ky., by the end of the year.
Most core and core-plus bond strategies and cash will be managed in Louisville, along with stable value. The teams in Louisville will manage a combined $37 billion, $21 billion of that in stable value. One $4 billion core bond account will still be managed from New York; two managers will remain in Atlanta to run the core bond portion of INVESCOs balanced products using the same strategy employed in Louisville.
Fifteen members of the current core bond and cash investment staff were invited to take jobs in Louisville, said George Baumann, head of institutional fixed income. The remaining 15, based in New York and Boston, were terminated. The Boston office will be closed.
INVESCOs high-yield bond team, which manages about $1 billion, will remain in New York and likely will be expanded by two or three investment professionals next year, said Mr. Baumann.
INVESCOs retail fixed-income mutual fund management in Denver and Houston is unaffected.