Buying opportunity in Invesco?

The decline in Invesco (IVZ -0.5%) since the announced departure of star fund manager Neil Woodford looks like an overreaction to Citi's William Katz, who figures the stock is now pricing in something close to 80% asset flight (Woodford manages about $50B).

Katz notes the departure of Peter Lynch from Magellan saw that fund lose just 4% of AUM, and while Jeff Gundlach's exit from TCW's Total Return Bond Fund saw 53% of assets go with him, there was a high-profile spat going on at the time. Still, even that didn't reach 80%.

A Telegraph survey indicates 64% will take a "wait and see" approach to the impact of new portfolio manager. Just 16% say they would sell their funds right away.

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