Financial terms weren't disclosed.
The new firm will be led by Hans van den Berg, who was a senior portfolio manager at Invesco.
Other Invesco staffers leaving to form Echo Point are portfolio manager David Sugimoto, who will be a senior portfolio manager; portfolio manager Brian Arcese, who will have the same title at Echo Point; research analyst Ben Falcone, who will have the title of portfolio manager; analyst Erin Perkins, who will be an investment analyst; and portfolio specialist Natalie Marvi-Romeo, who will have the same title at the new firm.
Mr. van den Berg's team officially joined Invesco on June 1, following Invesco's acquisition of Morgan Stanley's retail asset management business. The retail assets previously managed by Mr. van den Berg's team have been transferred to an Invesco international equity fund.
As for the team's institutional assets, “OMAM intends to effect a smooth transition of client accounts following the closing,” according to an OMAM news release.
Mr. Van den Berg said during an interview that although Old Mutual will hold the majority stake, the portfolio management team will have a “substantial minority” stake.
The deal is expected to close this quarter.