Stevens to stand down as chairman of Invesco
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Your support makes all the difference.LORD STEVENS of Ludgate will step down as chairman of Invesco MIM, the company that managed pounds 50m of Maxwell company pension funds, at the annual meeting in June next year.
Lord Stevens, who is 56, will continue in his post of chairman of United Newspapers, which owns Express Newspapers.
Invesco MIM said the change, which also involves the appointment of Charles Brady as chief executive, was partly a response to the Cadbury Committee's recommendations on splitting the role of chairman and chief executive in companies.
It also follows criticism of Invesco's relationship with the Maxwell empire. Trustees of the MGN pension scheme have alleged in a writ that MIM and other fund managers should have been suspicious about stock lending more than a year before Robert Maxwell died.
Lord Stevens first gained City fame at Drayton Group, a fund management company, 20 years ago.
He then joined Britannia Arrow, the remnants of Slater Walker which, together with Robert Maxwell, he had defended from a bid from Guinness Peat.
Britannia Arrow is the basis of the current group, Invesco MIM, which has a substantial US fund management business.
In Britain, the group has run into criticism for the underperformance of Drayton Consolidated Investment Trust, which invests in unquoted companies.
Invesco MIM, with pounds 31bn under management, recently reported a drop in profits from pounds 18.9m to pounds 14.5m after hefty exceptional charges for 1991.
Michael Perman, company secretary, said that no successor to Lord Stevens had yet been found.
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