Marty Flanagan spent 18 years as Invesco’s CEO. During that time, he transformed the assets manager by expanding operations in Asia and acquiring the...
During 18 years as chief executive of Invesco, Marty Flanagan expanded the asset manager’s foray in Asia and acquired the PowerShares exchange-traded fund brand. He recently stepped down from the top job.
Flanagan will remain chairman emeritus at Invesco until 2024, helping new President and CEO Andrew Schlossberg with the transition. Barron’s spoke to Flanagan about his tenure.Barron’s: You found early success with expanding into Asia in 2005 and then with the PowerShares acquisition in 2006. How did those two big moves help set a vision for Invesco under you?
You see great opportunities in China, but there are also significant challenges for U.S. firms. Why have you put so much time, talent, and treasure there? The geopolitical tensions are high, there’s no question about it. And it’s really competitive. From my conversations with people in China and the U.S., there are some things that we will just never agree on. But I’m encouraged that there are many things we can agree on. We both need economic growth. Let’s both benefit from each other’s economies, but be tough on each other where we think we have our differences. My sense is that’s starting to happen now.The recent executive order to ban U.S.
I try to remind people that the ETF is just a wrapper. In the financial crisis, when it was hard for active managers to outperform, everybody wanted an [indexed] ETF because it was cheap and it generated returns, but people didn’t focus on that when you buy an ETF, you are making an investment decision, just as you are in a mutual fund. When [indexes] became concentrated so that all the returns were coming from 10 to 15 stocks, it can become quite risky.
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