In the seven intervening months, the value of Oak shares has tripled, returning Invesco to a neutral position on the Drayton compensation. Perhaps this is the start of a bounce in its fortunes.Reuse content
A PIECE of good news for Invesco MIM, the accident-prone fund manager. Last October it paid pounds 9m in compensation for its part in the disastrously performing Drayton Investment Trust. The pounds 9m allowed Drayton shareholders to get a half-decent payout when the trust was wound up. The compensation came two-thirds in cash and about one-third in shares of an American components and controls maker called Oak Industries. When Invesco took the Oak shares off Drayton's hands, they were worth pounds 3m.