Head of multi-asset at Invesco, David Millar, is retiring at the end of March 2023, after a decade in the role, the $1.4 trillion firm has confirmed.
Millar has had an investment career spanning 30 years, commencing at Scottish Widows in 1989 and latterly joining Standard Life Investments in 2008, where he was investment director in its multi-asset team.
Millar will be replaced by EMEA fund manager Georgina Taylor, who will report to chief investment officer Stephanie Butcher, while Clive Emery, who also works as a fund manager across EMEA, will take up the new role of head of multi-asset strategies, reporting to Georgina Taylor.
Taylor will oversee all multi-asset products at the firm, taking responsibility for both performance and people management.
Emery will be tasked with developing multi-asset strategies, with a particular focus on ESG.
Millar said: “It has been a pleasure to have joined Invesco almost ten years ago, set up a new team and capability, and then successfully launched a range of multi-asset products.”
Invesco reported an assets under management figure of $1.4 trillion at the end of August, a 2.3% decline on the previous month.
It said the $30 billion decline was the result of “unfavourable market conditions”.
Butcher added: “David’s contribution has been hugely significant for Invesco. The team and products he built from the ground up serve clients all over the world. He developed a highly sophisticated macro research agenda and transformed the multi-asset team’s alternatives investment capabilities.”
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