Global investment manager Amvescap has handed over two big chunks of executive pay, one for its outgoing CEO and one for its new boss.

The company's annual report showed the company gave retiring chairman Charles Brady a $9 million bonus on top of his annual salary, and awarded incoming chief executive Martin Flanagan $11.75 million. The figures were cited in the Independent.

Amvescap, the London-based parent company of AIM Funds, Invesco, and Atlantic Trust, said Brady earned his compensation by showing "exceptional leadership" in fending off a hostile takeover and overseeing the recruitment of his successor. Brady founded Amvescap in 1978.

Flanagan's pay, meanwhile, compensated him for the loss of stock options he had accrued in his previous position as co-CEO at Franklin Resources.

Flanagan succeeded Brady as CEO last summer, and Brady will step down as company chairman next month.

The Independent report said the two executives' total pay for 2005 places them among the top five earners in the FTSE 100. 

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