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).

Invesco Canada Ltd. (Invesco) recently announced the planned retirement of Joe Rodriguez as of August 1, 2022.  He is currently the co-CIO of the listed Real Assets business and one of six listed portfolio managers on the Invesco Global Real Estate Fund Segregated Fund (the Fund).  Rodriguez relinquished his portfolio management duties on the strategy as of March 31, 2022. He will stay on as co-CIO over the next several months in order to ensure a smooth transition

As a result of Rodriguez’s retirement, Darin Turner who acts as the other co-CIO will become the sole CIO of the Listed Real Assets business effective August 1, 2022. Turner joined the Invesco Real Estate team in 2005 and was named co-CIO in September 2020.

Invesco also announced the addition of a senior portfolio manager to the real estate team – Chip McKinley. McKinley brings almost 30 years of industry experience to the team and will be a voting member of the investment committee.

Within the listed real estate team, co-CIO Darin Turner has five direct reports:

  • Mark Blackburn – portfolio manager and head of portfolio construction and risk management
  • Grant Jackson – portfolio manager and head of the US region
  • James Cowen – portfolio manager and head of the Europe region
  • Ping Ying Wang – portfolio manager and head of the Asia region
  • Chip McKinley – portfolio manager

Our view

Joe Rodriguez has a 31-year tenure at Invesco and his experience and leadership will be missed. However, we have no significant concerns with Rodriguez’s retirement. The listed real estate team planned the transition in advance and has a number of experienced professionals. In hindsight, we view Turner’s appointment as co-CIO in September 2020 as succession planning for Rodriguez’s eventual retirement. The CIO’s primary responsibility is to oversee the strategy and team. An investment committee that includes portfolio managers and analysts determines stock selection for the Fund. The addition to the team of an experienced portfolio manager in Chip McKinley will help compensate for the loss of Rodriguez. We’ll continue to monitor the Fund in upcoming quarters and will provide updates as necessary.

Questions?

Please contact your Sun Life Financial Group Retirement Services representative.