Invesco slate clean, say the new brooms
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE NEW brooms at Invesco, the fund management group, said yesterday the firm had the best compliance department in the City and that it had no issues left to discuss with any regulatory body, writes Peter Rodgers.
Charles Brady, the American who replaced Lord Stevens as chairman last year, said: 'We want to keep it exactly that way.'
He was reporting half-year profits untainted by past difficulties such as regulatory fines and the firm's role in the Maxwell affair. They were pounds 4.2m down at pounds 18.7m before tax and after exceptional items. The interim dividend is up a quarter to 1.25p.
Last year Invesco paid a record pounds 750,000 fine to Imro, the investment management regulator, and announced an pounds 11.5m settlement with Mirror Group Pension Trustees, without admitting it should have blown the whistle on Robert Maxwell. Invesco's seven-person compliance department is about to be strengthened with a new boss recruited from another City firm.
Mr Brady said net sales of retail financial products in Britain rose for the first time in some years, 'reflecting the market's confidence that Maxwell is behind us'.
Invesco's total funds under management worldwide declined slightly to pounds 42bn over the past year. Mr Brady blamed difficult market conditions and exchange rate movements.
The shares fell 11.5p to 172.5p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments