AMVESCAP plc has announced that its INVESCO Global division has entered into an agreement to purchase a 70 per cent interest in Grand Pacific, a Taiwanese investment management company, from a consortium led by Tiawan’s Koos Group.

“The purchase of Grand Pacific is further evidence of AMVESCAPÕs growing leadership in the competitive global asset management arena,” says Rob Hain, President and Chief Executive Officer of AIM Funds Management Inc. (AIM), the Canadian subsidiary of AMVESCAP.

“The acquisition of Grand Pacific strengthens our presence in Taiwan by broadening our ability to participate in the local market. Acquisitions of this quality where AMVESCAP brings global resources to bear in a local market can only benefit Canadian financial advisors and their clients.”

Established in 1992, Grand Pacific is a leading investment management company in Taiwan with nearly 120 employees and with assets under management of US$1.6 billion as of May 31, 2001 ranking it among the top 10 fund firms in Taiwan. It runs a portfolio of 14 funds and has over 100,000 clients. The acquisition represents a significant development for INVESCO, which is currently a major supplier of offshore fund products through the discretionary trust programs and savings plans of 43 local banks in Taiwan.