Pre-tax profits at Amvescap, the Anglo-American fund manager which owns the AIM and Invesco brands, were down by 28 per cent in the first quarter to 97.5 million ($139.4 million). Executive chairman Charles W. Brady blamed “sluggish” markets. Yet, somewhat oddly, funds under management actually increased by $2.1 billion during the first quarter, to a total of $400 billion, encouraging Brady to see signs of recovery. However, average funds under management were still marginally down on the comparable period last year ($401.7 billion).
Amvescap Profits Badly Down But Assets Up
Pre tax profits at Amvescap, the Anglo American fund manager which owns the AIM and Invesco brands, were down by 28 per cent in the first quarter to 97.5 million ($139.4 million). Executive chairman Charles W. Brady blamed "sluggish" markets.