AMVESCAP (AVZ).

Investors Chronicle, August, 2005

UK fund manager Amvescap derives two-thirds of its turnover from its US operations, where there has been a net outflow of funds for the past 49 months. There is now a new chief executive, Martin Flanagan. But this may turn out to be academic because Canadian fund manager CI Fund Management looks poised to make a hostile bid, having had a recent friendly approach rebuffed. CI is smaller than Amvescap, but North American insurance group Sun Life Financial owns 34 per cent of CI, and could assist in financing a bid.

Meanwhile, Mr Flanagan will be busy trying to rebuild the company's tarnished reputation after its GBP209m fine relating to market-timing abuses in the US. Operating profit at Invesco rose to GBP45.6m from GBP34.6m in 2004, but overall funds under...

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