(April 24 – 09:40 ET) – Amvescap plc reports that its profits slumped in the first quarter ended March 31, 2001.

Earnings per share before exceptional item and goodwill amortization came in at 32¢, down from 40¢. (All amounts in U.S. dollars). Funds under management totalled $370.3 billion, a drop of $32.3 billion from Dec. 31, 2000. Approximately 40% of the total funds under management are invested in fixed interest securities at March 31, 2001.

The results for 2001 include the contribution from Trimark Financial Corp., Perpetual plc and County Investment Management Limited. Trimark was acquired on Aug. 1, 2000 and Perpetual has been included from Jan. 1, 2001. The results for County have been included from Feb. 1, 2001.

“Our financial results in the first quarter reflect the impact of a general correction in world equity markets. Despite these declines, Amvescap achieved solid results that demonstrate our proven strategy of geographic and product diversification,” said executive chairman Charles Brady.

“Each of our business divisions achieved net new sales as clients continued to trust us with their assets, and we continued to manage expenses to partially offset market declines. While profitability levels will continue to be affected by challenging market conditions, the fundamentals of our business remain sound, and we remain confident in the long-term potential of our industry.”