A global funds manager is recruiting for two institutional positions, including an institutional business development manager, to join a Melbourne-based team.
Invesco Australia chief executive officer Mick O’Brien said the firm was on the “tail-end” of a search being conducted by an external recruitment agency for a sales BDM, a role that has been vacant for around nine months.
Invesco is also looking to fill an institutional sales position, in head of institutional business Peter McClelland’s team, although O’Brien said the design of the role had not yet been finalised and would “depend on how we fill the sales role”.
“The [second] vacancy was a person who looked after consultants and clients but the way things are going, if you look at the institutional consultants, three of them are global and two of them are local so the global ones will rate most of the product offshore,” O’Brien said.
“So I don’t think we really need to have someone who’s dedicated to consultants, so it will just be another sales and service person in the institutional team.”
Invesco would look to build a team of four in due course, including three sales people and one support role.
“Over time, we’ll increasingly bring out some of our global investment capabilities,” he added.
Invesco manages $460bn of assets across equities, fixed income, real estate, private equity and multiple asset strategies which include currency overlay and GTAA.
Recently, the manager announced it had changed the benchmark for the Invesco Wholesale Global Property Securities Fund to include Australian REITs in response to moves by investors to transition out of Australian LPTs and into global property securities.
From 1 April 2009, the new benchmark was the FTSE EPRA/NAREIT Developed REIT Index. The previous benchmark was the UBS Global Real Estate Investors ex-Australia Index.
“When we started [the fund] everyone had Australian REITs exposure and when they wanted global they wanted global ex-Australia,” O’Brien said.
“Australia was probably 12 per cent of the global market so you didn’t want to double up. Today,
Australia has decreased as a percentage of the global market – it’s closer to 8 per cent – but more importantly it’s just become far too concentrated for managers to build a really diversified portfolio. It’s dominated by four or five stocks;