Invesco Limited shakes up its distribution team

Invesco Ltd. is reorganizing its U.S. retail distribution team to make it more effective. The mutual fund firm is combining its U.S. retail-sales group with its marketing, product management and global exchange-traded-fund groups “to help ensure greater collaboration and effectiveness,” Invesco spokesman Ivy McLemore wrote in an e-mail last week. The newly unified group will be overseen by Andrew Schlossberg, who 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 couldn't be reached for comment by press time. Invesco's mutual funds had more than $2 billion of outflows for the 12-month period ended April 30, according to Morningstar Inc. jkephart@investmentnews.com