A senior equity analyst has left Invesco, as its funds under management in large cap Australian equities dwindles to $120 million.

Senior analyst Mike Macrow lost his position in Invesco’s second restructure of the portfolio management team since the departure of funds managers Rowan Walsh and Luke Sinclair in March. Invesco chief executive Mick O’Brien, who has been acting head of the portfolio, said the change was not downsizing but rather restructuring what was only an interim portfolio management team. “We’re still working through how to rebuild the Australian equities team,” O’Brien said. “But I don’t like collective decision making, and we thought it would be better to charge a couple of people with the responsibility of managing the portfolio.” Invesco managed around $2.5 billion in large cap Australian equities in March. It now manages about $50 million of this asset in its wholesale Australian share fund and another $70 million across other accounts. O’Brien said he was looking at all options to rebuild the business, including an acquisition. However, he was in no hurry to make it a quick fix. “We have to take the time to get it absolutely right,” he said. “Hopefully we’ll have a solution on the table by the end of the year.” O’Brien confirmed Invesco had lost a few institutional accounts since the Victorian Funds Management Corporation withdrew $1.4 billion just days after Walsh and Sinclair left the fund. Senior analysts Shane Delphine and Kiran Singh are now “interim co-heads” of Australian equities. They have total responsibility for investment approach, investment philosophy, research priorities, investment process, stock analysis, stock selection, risk management and portfolio construction, O’Brien said. Macrow declined to comment.