The head of Invesco Canada Ltd. has left the asset manager as part of a restructuring tied to the U.S. parent company’s completion of the acquisition of OppenheimerFunds.
Peter Intraligi, head of wealth-management intermediaries, Americas, is no longer with Invesco as of Friday, the company confirmed. Mr. Intraligi, a 20-year veteran of the firm, spent almost 12 years as president and chief operating officer for the company’s Canadian operations. In 2016, his role expanded to heading Invesco’s wealth-management division for North America.
The timing of Mr. Intraligi’s departure comes as Atlanta-based Invesco Ltd. completes its acquisition of OppenheimerFunds Inc., which is expected to close end of day on Friday.
Last fall, Invesco announced it would pay US$5.7-billion for rival asset manager OppenheimerFunds from Massachusetts Mutual Life Insurance Co. – boosting Invesco’s assets under management to around US$1.2-trillion.
Invesco Canada is well known for both its mutual-fund and exchange-traded-fund products, with assets under management of $40-billion. The company was one of the first mutual-fund companies to enter the ETF industry in Canada in 2009 and now has $7.1-billion invested in its ETF products (including U.S.-listed funds).
The purchase of OppenheimerFunds has led to several executive shuffles in both the United States and Canada including Mr. Intraligi as the company restructures, an Invesco spokesperson said when contacted by The Globe and Mail.
“Our recent acquisition of OppenheimerFunds in the U.S. has provided us the opportunity to examine, rethink and reshape our business so that we’re better positioned than ever to meet client needs and grow our firm over the long term,” a spokesperson from Invesco said in an e-mail.
“As we worked to bring our two organizations together, we made a number of people-related decisions, including Mr. Intraligi.”
Earlier this year, the firm announced that Arthur Steinmetz, OppenheimerFunds chief executive and president, would step down after 33 years with the company following the acquisition, leaving Martin Flanagan, Invesco’s CEO and president, to run the newly combined firm.
At the same time, Philip Taylor, senior managing director and head of Americas, announced his retirement at the end of 2019. Mr. Taylor is headquartered in Toronto and plans to transition to “board service for other companies, venture capital endeavours and philanthropic activities.”
Andrew Schlossberg replaced Mr. Taylor as the new head of Americas at Invesco.
As a result of Mr. Intraligi’s exit, Invesco Americas COO John Zerr will take on additional responsibilities overseeing Invesco’s Canadian business. In his new “expanded” role, Mr. Zerr will have direct responsibility for the Canadian wealth-management intermediaries business.
Mr. Zerr joined Invesco in 2006 as chief legal officer and resides in Houston.
Last month, Christopher Doll, vice-president of ETF sales and strategy, also departed the firm. A spokesperson confirmed Mr. Doll’s exit was not part of the current restructuring.
Mr. Doll was replaced by Jasmit Bhandal, Invesco Canada vice-president and head of Canadian ETF product strategy and development, and Hussein Rashid, vice-president and ETF strategist at the firm.