Improved results for global player
Positive net inflows combined with functioning more efficiently on a global scale have allowed AMVESCAP, the parent company of INVESCO, to report higher operating margins for the first half of 2006.
The independent global investment manager reported that profits before tax for the six months that ended June 30 amounted to US$355.9 million, a notable increase on the US$222.4 million that was recorded at the same time last year.
Total assets under management were US$413.8 billion and the board has declared an interim dividend of US$0.077 per share to be paid during October.
AMVESCAP president and chief executive Martin Flanagan said the company’s recent acquisition of WL Ross & Co would further deepen the organisation’s global capabilities and broaden the investment skills currently available to its clients.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
