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Merger of firms leads to loss of US team

Perpetual has lost a team of senior fund managers and sales executives following the announcement of its plans to merge with Invesco.

Among those leaving are its US fund management team, which will join Schr oders before the end of the tax year.

Managers Trent May and Stacie Cowell will manage the Invesco Perpetual US growth and American smaller companies funds respectively.

Management of Perp etual American growth, which will be rebranded Invesco Perpetual US Core fund in April, has yet to be decided.

Perpetual has also lost head of intermediary and institutional sales John Tierney to Dresdner RCM Global Investors. Tierney, who has been at Perpetual for 10 years, will join Dresdner as head of retail sales and marketing on January 15.

Another member of Per petual&#39s sales team, Kevin Mordick, is leaving to join Alliance Capital.

Invesco chief executive Mike Webb says: “We did not intend to lose these staff and we are sorry to see them go. We would not expect to see any further departures in the short term. We have been putting in further packages to ensure that.”

l Schroders this week recruited Legal & General US fund manager Ian Cooke to bolster its US equities team.


Equitable accounts to be investigated

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Tories pledge to adopt McDonald annuity plans

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Neville James harnesses teps and zeros

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RBS bond places faith in Nasdaq

Royal Bank of Scotland International and Natwest Offshore have joined forces to offer the Nasdaq guaranteed return bond issue two. The product is a guaranteed equity bond that will track the performance of the US-based Nasdaq 100 index over a three-year period. The bond is aimed at the cautious investor who wants to invest in […]


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