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Rating:Probe Hits Home Across the Puddle Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 28, 2004

Probe Hits Home Across the Puddle

by: Caitlin  Pickall

Bloomberg is reporting that Amvescap Plc may be expecting costs of the New York Attorney General's investigation into improper mutual fund trading at Amvescap's Denver-based INVESCO Funds Group to run as high as $300 million.

The estimate comes from a chart in an internal document mistakenly sent to analysts on Tuesday. It includes a $300 million "exceptional item" related to debt covenants.

Company spokesperson Douglas Kidd told Bloomberg that the information came from "an internal working document that included a range of assumptions and no reliance should be placed on it."

Recipients of the presentation, which contained forecasts of full-year performance and budget, were barred from trading on the information it contained until Amvescap made the document public on its website.

Amvescap operates under the AIM, INVESCO and Atlantic Trust brands.  

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