Finance History | Invesco — Two Hundred Thirty Thousand Dollars Off the C and S Book
· 1978-1
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Finance History | Invesco — Two Hundred Thirty Thousand Dollars Off the C and S Book
kevin
People treat Invesco as an Atlanta and Bermuda listing that always ran ETFs and pension money from a glass campus.
The first independent book was a bank department sold for cash.
In 1964 Mills B. Lane Jr., chairman of Citizens and Southern National Bank in Atlanta, hired Charles W. Brady to build an investment-counseling unit that could pull Southern pension accounts away from New York trust departments.
A 1971 change in banking law let C and S register the unit with the SEC.
The bank claimed it as the first bank-owned registered investment adviser in the United States.
By 1978 C and S had loan trouble.
It sold the money-management operation to Brady and eight colleagues for $230,000.
After expenses the new firm made about $600 a day, and the cash went to service the purchase loans.
They named the company INVESCO.
Starting assets were in the region of $250 million to $400 million of institutional money, depending on the account of the month.
Brady later said they went after the big corporate pension books at money-center banks because that was where the assets sat.
In January 1979 the group was operating as an independent Atlanta firm.
Britannia Arrow of London bought a stake in 1986 and the rest in 1988.
A 1997 combination with AIM produced Amvescap.
The Invesco name returned in 2007, when the principal office moved back from London to Atlanta.
The mechanism was a bank trust shop that could not stay inside a wounded bank.
The price of independence was $230,000 in 1978 dollars.
Photo: Broad Street Southwest, Atlanta financial district, via Wikimedia Commons
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