Invesco is expanding its board of directors with three new members, including executives at activist hedge fund Trian Fund Management, which took a stake in the firm in September.
Trian's Nelson Peltz, CEO and a founding partner, and Ed Garden, CIO and a founding partner, will join the board of directors effective immediately, a news release said. Trian took 9.9% stakes in Invesco and money manager Janus Henderson in September. In SEC filings Trian said it may encourage the firms' management and boards to explore mergers and acquisitions.
In its filing regarding the stake in Invesco, Trian said it had discussed a revamp of the board of directors. It also said it wanted seats on the board for Messrs. Peltz and Garden.
Invesco also said Tom Finke, CEO and chairman of $354 billion manager Barings, will join the board of directors on Dec. 1. He will retire from MassMutual-owned Barings on Nov. 30. Mike Freno was named CEO and chairman on Thursday, effective immediately.
Details on Mr. Finke's role on the board of directors could not immediately be learned.
Invesco acquired MassMutual affiliate OppenheimerFunds last year. Under the terms of the deal, MassMutual took an approximately 15.7% stake in the common stock of the combined firm.
Mr. Finke's "deep financial services leadership experience with Barings will provide an invaluable perspective," G. Richard Wagoner, chairman of Invesco's board of directors, said in the release. "Tom's connection to MassMutual will further strengthen our relationship with our largest shareholder. MassMutual is a committed, long-term partner to our business."
An SEC filing said Mr. Peltz was appointed to the nomination and corporate governance committee, as were Messrs. Garden and Finke. Messrs. Garden and Finke were also appointed to the compensation committee, while Mr. Finke was additionally appointed to Invesco's audit committee.
With the new appointments, the board will increase to 12 members from nine.
A spokeswoman for Invesco could not immediately be reached for comment.
