An INVESCO spokesman confirmed that Clemente has left his position as head of the bank loan and CDO group, but said he is taking another role at INVESCO. Clemente is a global partner, he added, and is working with George Baumann, global head of fixed income, on business initiatives. Portfolio manager Gregory Stoeckle has taken over his responsibilities, the spokesman added. Stoeckle was traveling and could not be reached. The spokesman declined comment on why Clemente was changing roles.
The exact employees could not be determined, but the other portfolio managers are Tom Ewald, Scott Baskind, Joe Rotondo, and Tim Lasham, who is based in London. Baskind and Rotondo declined comment. Ewald did not return calls. Brian Mitchell, product manager, also did not return calls.
Sources said Clemente has also resigned his position on the board of the Loan Syndications and Trading Association as the seat is attached to the institution. INVESCO has in excess of $6 billion in loan portfolios under management.