Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Invesco Will Cut 850 OpFunds Jobs In One Location Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 22, 2019

Invesco Will Cut 850 OpFunds Jobs In One Location

Reported by Neil Anderson, Managing Editor

At least one of OppenheimerFunds' [profile] locations is facing big job cuts once the Invesco [profile] deal closes next quarter.

Martin L. Flanagan
Invesco
President and CEO
Over 18 months, the Invesco management team expects to eliminate 850 positions from its Denver area office in Centennial, Colorado, according to a notification that Invesco HR chief Washington Dender is sending to Centennial Mayor Stephanie Piko. The cuts are expected to begin on May 25, so it's a good bet that that's the target close date for the deal.

OpFunds spokeswoman Kimberly Weinrick declined to comment and referred inquiries to Invesco.

"The job eliminations are unfortunate but are an important part of our plans to meet the cost synergy target as we work toward a successful close of the transaction," Invesco spokeswoman Jeaneen Terrio tells MFWire.

Denver is a big location for OpFunds. The New York City-based mutual fund firm had more than 2,000 employees when the impending acquisition by Invesco was unveiled last October; nearly 1,000 of those employees, MFWire has learned, are in Denver. So the Denver cuts will amount to 85 percent of the OpFunds jobs there and more than 40 percent of OpFunds' total workforce. (Atlanta-based Invesco had more than 7,000 employees when the deal was revealed.)

The office includes OpFunds' transfer agency operations, as well as service staff and some investment teams. Word is that the cuts will come only from the TA and service teams, as Invesco is not making any cuts to OpFunds' investment teams. Invesco has its own TA teams in Houston and Prince Edward Island, though the firm no longer has a presence in Denver.

According to Dender's letter to Piko, OpFunds will give between three months and one year of severance pay to employees whose jobs are cut. Those affected will also receive "outplacement assistance" from Invesco and a cash stipend to help pay for COBRA health insurance.

More Invesco or OpFunds cuts could be in the works, too, even in senior management. Last month word leaked that OpFunds' CEO will leave once the deal closes. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. MFDF Director Discussion Series - Open Forum, July 9
  2. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  3. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  4. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  5. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  6. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  7. MFDF webinar - ETF Conversions, July 17
  8. MFDF Director Discussion Series - Open Forum (New York), July 22
  9. MFDF Ask Anything webinar - AI Edition, July 24
  10. MFDF webinar - Use of Derivatives by RICs, July 29
  11. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  12. Samfund Soiree Boston 2025, August 21
  13. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  14. ICI ETF Conference, Sep 8-10
  15. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  16. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  17. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  18. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  19. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  20. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  21. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  22. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  23. 10th annual Fuse Forum, October 8
  24. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  25. 2025 MMI Annual Conference, Oct 15-17
  26. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use