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Rating:Push-me Pull-me at Amvescap Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 24, 2002

Push-me Pull-me at Amvescap

by: Sean Hanna, Editor in Chief

AMVESCAP, the London-based parent Aim and Invesco Funds, became the third fund firm to miss analyst earnings estimates in the past week. The firm reported earnings of $0.23 per share compared to $0.27 expected by analysts. The news did not seem to surprise investors as shares rose eight basis points on the open in New York trading.

The firm cited troubles in the Middle East, terrorism and market economic uncertainty in the earnings release.

Charles Brady, executive chairman, added that the firm will continue to ride herd over expenses to leverage any upturn.

The firm saw moderate net cash flows of $200 million on total assets of $398 billion. The total number masked a split between the two brands at the firm. Cash flows into Aim Funds totaled roughly $400 million during the first quarter.

Business was less sanguine at Invesco, which saw outflows of roughly $400 million in retail products. Invesco Institutional suffered an additional $1.0 billion of net outflows. The bright spot in the unit was Invesco Global, which pulled in a net $1.3 billion.

The quarter was the first in which Invesco offered shares with a loaded structure. The firm converted from pure no-load on April 1.

During the analyst call the firm identified three key areas for future growth: the private wealth market, overseas defined contribution (primarily Europe) and the Hong Kong Mandatory Provident Fund market.

AMVESCAP Earnings by Segment
Three Months Ended 3/31/02 Revenues ($ mm) Expenses ($mm) Profit ($mm)
Managed Products 157.5 -91.9 65.5
Invesco Institutional 36.5 -28.1 8.4
Invesco Global 52.6 -44.3 8.4
Invesco Retirement 10.7 -10.4 0.3
Private Wealth 6.6 -6.5 0.0
New Business 0.3 -2.3 -2.0
Corporate -7.3 -7.3

AMVESCAP Earnings by Segment
Three Months Ended 3/31/01 Revenues ($ mm) Expenses ($mm) Profit ($mm)
Managed Products 185.5 -103.4 82.0
Invesco Institutional 36.0 -26.7 9.3
Invesco Global 65.9 -48.8 17.9
Invesco Retirement 9.6 -7.9 1.6
Private Wealth 1.6 -1.3 0.3
New Business 0.2 -2.2 -2.0
Corporate -6.2 -6.2

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