Invesco To Sell Euro CLO Contracts
ATLANTA, May 31, 2012 /PRNewswire/ -- Invesco Ltd. (IVZ) today announces that it has signed an agreement to sell the majority of its European CLOs to 3i Debt Management. The sale is limited to the management contracts for seven of eight European CLOs with total assets of euro 2.0 billion. Proceeds of the sale will be used to support Invesco's new issue CLO business in the U.S. and non-CLO loan funds in Europe. Terms of the agreement are not being disclosed.
"We strongly believe that we have greater and more immediate opportunities for CLOs in the U.S. marketplace where we have a 13-year track record of delivering value for investors," said Greg Stoeckle, head of Invesco's Bank Loan business. "We are highly committed to CLOs as one of the three cornerstones of our loan business. Post transaction we will continue to manage 16 CLOs totalling $5.3 billion in assets under management and expect to retain a leadership position in the CLO market."
Invesco's Bank Loan team, with operations in New York, Chicago and London, will remain at the current level of 29 investment professionals. Pro-forma for this transaction, Invesco will retain approximately $14.5 billion of bank loan assets split fairly evenly between its floating rate retail mutual funds, CLOs and, non-CLO institutional loan funds.
About Invesco Ltd.:
Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.
SOURCE Invesco Ltd.