Amvescap stock slides amid falling revenues
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Your support makes all the difference.Amvescap, the world's largest quoted fund manager, saw its shares slide 5 per cent yesterday after annual pre-tax profits tumbled 37 per cent amid exceptional charges and falling revenues.
The company, in common with its rivals, has been rocked by falling equity markets, which have also dented retail demand for investment products.
Revenues fell £8.9m to £1.62bn, while costs of £60m for integrating acquisitions forced pre-tax profits down to £280m. Margins fell from a record 36 per cent last year to 32 per cent.
Robert McCullough, its chief financial officer, said margins for the year ahead would be at least 30 per cent.
Amvescap added £22bn in assets through five acquisitions last year. The shares closed down 44p at 886p.
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