In the second major shake-up to hit the marketing division within Invesco Asset Management this year, the former head of strategic marketing, John Mann, has been made redundant after less than nine months in the job.
Mann’s redundancy is the third made within the Invesco ranks within recent weeks. Strategic marketing colleagues Lydia Paczynski and James Godfrey have also been made redundant.
Despite industry speculation that the redundancies are a result of a poor integration process with County Investment Management, group managing director Michael Parsons says the two incidences are not related.
Parsons says the redundancies were made because of the group changing its business focus, deciding to focus more on sales rather than marketing initiatives. He says the cuts are also related to the group’s re-focus on costs.
However, after Invesco’s $110 million purchase of County Investment Management from the National Australia Bank (NAB) in December last year, where close to 30 jobs were cut within the firm in the past 12 months, it is no wonder there is industry speculation surrounding the groups current state of play.
The start of the major shake-ups at Invesco began earlier in September this year. As previously reported byMoney Management, Invesco created a stir when it combined the positions of head of retail and institutional sales as part of the group’s restructure process.
The restructure resulted in the group’s head of retail sales John Ntatsopoulos departing Invesco after only two years. Tony McFadyen took over the combined position left by Ntatsopoulos.
The structure, now known as alliances and relationship development, was developed by Invesco’s marketing strategy team, headed up by the now redundant, Mann.
It is understood that Mann, Paczynski and Godfrey are in negotiations with Invesco regarding the terms of their redundancies.
