INVESCO Private Capital Partner Leaves; Others Set To Follow

At least one general partner of INVESCO Private Capital has left and others, including Parag Saxena, managing partner, are expected to leave soon. Saxena, Alessandro Piol, general partner, and Howard Goldstein, general partner, offered their notice in the fall but have continued working.

  • 03 Mar 2006
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At least one general partner of INVESCO Private Capital has left and others, including Parag Saxena, managing partner, are expected to leave soon. Saxena, Alessandro Piol, general partner, and Howard Goldstein, general partner, offered their notice in the fall but have continued working. Goldstein left the firm Feb. 28. An INVESCO spokesman confirmed Goldstein's departure and the resignations of Saxena and Piol. Saxena and Piol declined to comment. Calls to Goldstein were not returned.

Clients were informed early last week that the managers would be leaving, and at least one individual familiar with the situation said key man issues could be raised. The spokesman said he does not believe anything has been triggered yet, but does not know if anything will be triggered when Saxena leaves. The full implications on the funds and investors are not yet known, but the spokesman said, "We are fortunate to have a strong management and investment team that have worked together for a long time and will continue to insure our investment capabilities remain competitive."

John Rogers, ceo of INVESCO, was in New York two weeks ago negotiating with Saxena, the individual said, but the spokesman would not comment on that. The reason for the departure or the future plans of the partners could not be determined. Johnston Evans, who was previously a general partner and had been serving as a venture partner, agreed to come back to the firm on a full-time basis as a general partner and will take on some of the additional duties left by Goldstein's departure. It has not been determined who will replace Saxena and Piol, the spokesman said.

BNP Paribas did a collateralized fund obligation with the group in December 2004. A CFO is similar to a collateralized debt obligation, but instead of a portfolio of loans the portfolio consists of private equity capital and venture capital funds. At launch, the collateral of the Tenzing CFO was set to consist of at least 40 private equity funds containing about 1,000 distinct investments in the underlying portfolio companies, according to Fitch Ratings.

  • 03 Mar 2006

All International Bonds

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1 Citi 300,081.56 1165 8.07%
2 JPMorgan 293,494.39 1273 7.90%
3 Bank of America Merrill Lynch 274,298.19 930 7.38%
4 Barclays 227,181.22 846 6.11%
5 Goldman Sachs 201,953.92 668 5.43%

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1 BNP Paribas 42,985.58 172 7.09%
2 JPMorgan 38,694.99 77 6.39%
3 Credit Agricole CIB 32,828.90 156 5.42%
4 UniCredit 32,244.17 143 5.32%
5 SG Corporate & Investment Banking 31,187.44 119 5.15%

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1 JPMorgan 12,829.62 54 9.00%
2 Goldman Sachs 12,047.80 58 8.45%
3 Citi 9,451.48 53 6.63%
4 Morgan Stanley 8,043.15 48 5.64%
5 UBS 7,829.15 30 5.49%