The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Amvescap Reports 4th Quarter Loss Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 10, 2006

Amvescap Reports 4th Quarter Loss

Reported by Armie Margaret Lee

A growing asset base did not save Amvescap from reporting a loss for the fourth quarter of 2005. The London-based fund firm ended the year with $386.3 billion in assets under management, up from $382.1 billion a year earlier, but posted a $5.03 million net loss. The loss was a reversal from earnings of $69.8 million a year ago. Amvescap, the parent company to AIM Funds and Invesco, incurred one-time pretax charge of $75.7 million. That result includes staff termination costs amounting to $45 million.

"Our restructuring actions will allow Amvescap to reduce costs by operating more efficiently and effectively," said chief executive Martin Flanagan in a statement.

Flanagan, who assumed leadership of the firm in August, said the company aims to shrink operating expenses by $120 million this year.

Amvescap witnessed the departure of some clients following regulatory allegations of improper fund trading. The firm reached a $450-million settlement with authorities in 2004.

In 2005, outflows had slowed, with clients pulling out $16.2 billion, compared to $19.5 billion in 2004. In the last quarter of 2005, net outflows reached $3.7 billion. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use