Another departure from the Trimark fixed income team

Joanne Xiao 19 July, 2014 | 2:34AM
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Invesco Canada Ltd. announced on July 15 that Anthony Imbesi, co-manager on Trimark Canadian Bond  , is no longer with the firm. In addition to portfolio management duties, Imbesi had research responsibilities that are now shared by the rest of the team until his replacement is found.

Trimark's fixed income team has gone through a complete overhaul in a span of two years. It started with former team lead Rex Chong's resignation in January 2013, following a six-month sabbatical. Trimark subsequently parted ways with portfolio managers Gary Lew and Alfred Samson. Invesco hired Jennifer Hartviksen from Fiera Quantum L.P. to replace Chong as head of fixed-income in September 2013. Hartviksen has since brought in two new outside hires.

It's not unusual to see personnel turnover when a new leader takes the reins, and at the same time the team is trying to find a new identity. With a brand new team in place, it can now start with a clean slate, but it remains to be seen if new members gel together. The fund's prospects for outperformance remain unclear. Therefore we maintain our Neutral rating on this fund in light of Imbesi's departure.

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Joanne Xiao

Joanne Xiao  Joanne Xiao, CFA, is a manager research analyst on the active funds research team for Morningstar Canada.

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