GLOBAL – Fund management firm Amvescap said it is confident about profits going forward, and added that its chief financial officer is to retire.
“The economic climate is generally positive and the major capital markets are reflecting improved investor confidence,” said chairman Charles Brady. “Interest rates remain at historically low levels and many companies are once again reporting growth in earnings.
“The continuation of these factors, coupled with our continued emphasis on expense controls and improving investment performances, should lead to improved results for the remainder of 2003 and into 2004.”
The Anglo-US firm said underlying third-quarter profits rose 24% to 77.2 million pounds (111 billion euros). Revenues slipped to 304.3 million pounds from 307.5 million pounds a year ago.
Total funds under management slipped to 345.2 billion dollars, from 347.6 billion dollars at the end of June.
Total funds under management rose to 345.2 billion dollars, an increase of 12.6 billion dollars the end of December.
Of that, institutional money market funds amounted to 50.7 billion dollars at the end of September – down from 57.0 billion dollars at the end of December.
Amvescap, parent of AIM and Invesco, added that chief financial officer Robert McCullough would retire in April 2004. He would be replaced by James Robertson, currently executive vice president.