Portfolio management change to Invesco Global Real Estate Fund
Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below. They are established as segregated funds under the Insurance Companies Act (Canada).
In December 2022, Invesco announced the retirement of Mark Blackburn, Senior Portfolio Manager and Director of Risk Management and Portfolio Analytics on Invesco Real Estate’s (IRE) Listed Real Assets team, effective December 31, 2022. Invesco indicated that it was Blackburn’s intent to retire after 24 years with Invesco and 35 years in investment management industry. This organizational update pertains to the Invesco Global Real Estate Fund (the “Fund”), which invests primarily in listed real assets, including Real Estate Investment Trusts (REITs). Blackburn’s departure does not affect Invesco Global Direct Real Estate Fund.
Blackburn was head of portfolio construction and risk management. Blackburn’s investment and risk management responsibilities have been transitioned to the portfolio management team and are supported by IRE’s Investment Operations Team. The remaining five Portfolio Managers (PM) on the Fund have, on average, 23 years of industry experience and 16 years at the firm. The Investment Operations Team, which has supported the platform since 2014 and reported to Blackburn, now report to Darin Turner, CIO.
Sun Life GRS Investment Solutions’ view
Mark Blackburn’s retirement announcement follows the retirement of co-CIO and PM, Joe Rodriguez, in August 2022. Rodriguez’s retirement had been planned and communicated in advance. Darin Turner assumed a co-CIO role in September 2020 and Rodriguez’s pending retirement was announced in November 2021. Despite the short notice, Invesco has indicated that the retirement of Blackburn was planned concurrently with Joe Rodriguez.
Despite two PM retirements within six months, we remain confident in the PM team. While Rodriguez and Blackburn were the most experienced investors, the five remaining PM’s offer solid experience and continuity. Invesco currently has no plans to add another PM to the current team.
There is no change to the investment objective, investment strategy, philosophy, or process of the Fund. The Sun Life GRS Investment Solutions team will continue monitoring the team and provide updates as needed.
Questions?
Please contact your Sun Life Group Retirement Services representative.