Invesco stung by $3bn Schwab loss after DeAM 'raid'

Charles Schwab, the US mutual and retirement fund provider, has axed Invesco from $3bn (€2.2bn) in fixed income mandates following a lift-out of 16 staff from its Kentucky-based management team.

John Sturiale, a portfolio manager at Schwab, said his company would replace Invesco with multiple investment managers to avoid the same situation occurring again, Reuters reported.

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