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Amvescap tops 3Q forecast
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October 27, 1999: 9:36 a.m. ET
Anglo-U.S. fund manager posts 50% jump in profits as cash flows back
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LONDON (CNNfn) - London-based U.S. fund manager Amvescap beat expectations with a 50 percent jump in third-quarter earnings Wednesday to send its shares firmly ahead.
Amvescap is the world's second-largest publicly traded fund manager and derives 90 percent of sales from the United States. It was formed two years ago through the merger of Britain's Invesco and U.S.-based AIM Management Group.
Third-quarter pretax profits climbed to 85.9 million pounds from 57.3 million a year earlier, and was above the consensus forecast of 79 million. Revenue increased 22 percent to 276.3 million pounds.
Nine-month pretax earnings rose 32.5 percent to 231.8 million pounds.
The company reported that 1.5 billion pounds had flowed into its funds in the latest quarter. This reversed a broader industry trend that had seen net outflows in recent months as investors became wary about a large market correction. The company's funds under management declined 1.4 percent in the latest quarter to $291.6 billion.
Amvescap (AVZ) shares climbed 2 percent in a weak London market. The stock is also traded on the NYSE.
Amvescap manages more than 100 mutual funds and trades under the Aim brand in the United States.
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Amvescap
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