Invesco shakes up its distribution team

Invesco Ltd. is reorganizing its U.S. retail distribution team to make it more effective. The Atlanta-based mutual fund firm is combining its U.S. retail sales group with its marketing, product management and global ETF groups, to “to help ensure greater collaboration and effectiveness,” said Invesco spokesman Ivy McLemore. The newly unified group will be overseen by Andrew Schlossberg, who currently runs marketing, product management and the ETF group, which includes Invesco PowerShares. As part of the reorganization, Peter Gallagher, director of Invesco's retirement and platform sales since 2005, has been named the new head of U.S. retail sales, replacing John Cooper. Mr. Cooper has left the firm to pursue other opportunities, according to Mr. McLemore. Mr. Cooper could not be reached by press time. Invesco's mutual funds have had more than $2 billion of outflows over the 12-month period ended April 30, according to Morningstar Inc.