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Rating:Invesco Chief Steps Down Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, May 04, 2004

Invesco Chief Steps Down

by: Theresa Sim

Invesco named new leadership for its 50-person large Denver office, the Rocky Mountain News reported Monday. Ron Klotter will be chief executive officer, and Mark Greenberg, chief investment officer.

Klotter and Greenberg take over for CIO and CEO Tim Miller, who will continue portfolio management of two Invesco funds -- Dynamics and Mid-Cap Growth.

"This was Tim's decision," said Invesco spokesperson Ivy McLemore to the Rocky Mountain News. McLemore said that the managerial shake up was unrelated to both Invesco's settlement with regulators over trading abuses and the firm's announcement last week that CEO Ray Cunningham had been placed on voluntary administrative leave.

The Denver office manages approximately $16 billion in assets.

Klotter will remain director of marketing for Invesco North America, and Greenberg, manager of the Invesco Leisure fund, will continue his portfolio management duties. McLemore was not available to comment on whether the firm has found a replacement for Klotter.

"There's a general sentiment that we want to get this part of our history behind us and to focus on investment performance...You ask what I can do? This is what I can do" the Rocky Mountain News reported Klotter as saying.

Klotter named selling more subadvisory services and promoting Invesco's sector funds internationally as two goals, the Rocky Mountain News reported. 

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