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Rating:Conway: Invesco Sell-Off Is An Overreaction  Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 21, 2013

Conway: Invesco Sell-Off Is An Overreaction

News summary by MFWire's editors

Invesco [profile] shareholders appear to be expecting the worst when it comes to Neil Woodford's upcoming departure.

But no one really knows how much of the fund manager's assets will follow him when he leaves to start his own business. Woodford currently manages about $50 billion in assets that for Invesco.

Barron's writer Brendan Conway points to a few reasons why the sell-off is an overreaction.

Citigroup's William Katz says the recent 6 percent drop is dramatic and along the lines of an expected 80 percent flight in assets. In two similar situations where high-profile fund managers left a company -- Peter Lynch from Fidelitiy's Magellan Fund and Jeff Gundlach from TCW's Total Return Bond Fund -- the asset flight was significantly less.

Also, a survey conducted by The Telegraph indicated that most investors are likely to stay with Invesco to wait and see what the new PM brings.  

Edited by: Katie Lobosco


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