Invesco CEO Marty Flanagan will step down on June 30 after leading the $1.4 trillion global investment management firm for 18 years. Andrew Schlossberg, currently senior managing director and head of the Americas, will succeed Flanagan as president and CEO.

Schlossberg has been in the asset management industry since 1996 and with Invesco since 2001. He has served in multiple leadership roles across the company’s businesses and locations. Prior to his current position, he was based in Invesco’s UK office as senior managing director, head of EMEA and chair of the board of Invesco UK.

Flanagan will continue as chairman emeritus until the end of 2024, providing advice and guidance to the company.

Flanagan had “relentless focus” when it came to understanding and meeting clients’ needs, all while growing the business, noted G. Richard Wagoner, Jr., Chair of the Invesco Board. Under his tenure, Invesco’s assets under management increased from $400 billion to $1.4 trillion.

On the incoming CEO, Flanagan said he had worked alongside Schlossberg throughout his career and found him to be “an exceptional leader who is highly focused on delivering the best possible experience for our clients.”

The firm also announced that Stephanie Butcher, Chief Investment Officer, EMEA, and Tony Wong, Global Head of Fixed Income Investments, have been named Senior Managing Directors and Co-Heads of Investments. Doug Sharp, Senior Managing Director and Head of EMEA, will assume an expanded leadership role as Head of the Americas and EMEA.