(August 4 11:15 ET) – Amvescap PLC has completed the takeover of Trimark Financial Corp. and reported earnings that are higher than the market expected.

The Financial Times said Amvescap reported an 86% surge in first-half pre-tax profits to £127.7 million, beating analysts’ forecasts. “Amvescap has outperformed most published estimates, and even some of the higher estimates whispered prior to the earnings figures today,” one analyst said.

“Although the global markets were very volatile throughout the second
quarter, our average funds under management continued to grow. We expect that these market fluctuations will continue,” said Charles Brady, Amvescap’s chairman and CEO.

The FT says analysts are now revising their estimates up for the next
quarter, and they expect that Trimark could start adding to the bottom line right away. The exchangeable shares of Amvescap have replaced Trimark in the TSE 300, TSE 200 and S&P/TSE Canadian SmallCap indices.

-IE Staff