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Rating:Amvescap is Starr-Struck Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 4, 2005

Amvescap is Starr-Struck

by: Sean Hanna, Editor in Chief

Loren Starr has found a new employer. The former chief financial officer of Janus Capital Group has taken the same duties at Amvescap, PLC, the London-based fund firm that operates out of Atlanta. He will formally take over those duties from James I. Robertson on October 12.

Robertson will continue to serve Amvescap as an executive vice president and keep his seat on the board of directors.

Starr, who takes the same senior vice president and CFO titles that he left behind at Janus in July, will report to Martin L. Flanagan, the firm's president and CEO. He will also relocate to Atlanta.

Amvescap's decision to hire Starr is interesting in that both firms are trying to shake off the taint of 2003's mutual fund scandals. While Janus was among the initial firm's named by Eliot Spitzer, Amvescap's Invesco Funds unit was implicated in the scandal later. Both Janus and Amvescap have since settled regulator's complaints about their ties to market timers.

That experience with the issues raised by the fund scandals may help Starr understand the issues Amvescap faces.

Starr was Janus' CFO during the period in which the firm made improper agreements with market timers. He had served as Janus CFO from 2001 to July 2005. Prior to that, he was Putnam Investment's head of corporate finance from 1998 to 2001. Earlier in his career, he held a series of increasingly senior corporate finance roles with Lehman Brothers and Morgan Stanley & Co.

"Loren Starr is one of the most experienced financial professionals in the investment management industry," said Flanagan. "With his practical knowledge of all aspects of a public investment management company, including mutual fund expertise and corporate finance, Loren's skills will strengthen our management team as we work to build value for our clients and shareholders."  

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