Amvescap plc, the UK-based money manager that owns AIM Trimark in Canada, reported weaker profits in its latest quarter.

Profit before tax, goodwill amortization and exceptional items for the three months ended September 30, 2001 amounted to £110.1 million, compared to £159.4 million for third quarter of 2000, a decrease of 31%. Revenues decreased to £387.6 million from £446.0 million in 2000. Average funds under management during the third quarter were US$389.1 billion compared to US$404.4 billion for the preceding quarter. Net lost business amounted to US$2.6 billion for the third quarter.

“The past quarter has presented significant challenges to the global economy, our industry and to our company,” said Charles Brady, executive chairman. “Our results in the third quarter, while disappointing, reflect the impact of the tragic events of September 11th and the extremely volatile market conditions existing throughout the period.”

“While the events of September 11th have taken an enormous toll, the recent actions by the Federal Reserve and European central banks should provide a basis for an economic recovery in 2002,” noted Brady. “We are encouraged by the recent improvements in the global market levels. Our funds under management as of October 19, reached approximately US$385 billion and October retail net sales have been positive. We remain committed to delivering excellent client service and strong investment performance to produce value to our shareholders and we are optimistic about the long-term outlook for our business.”

The company completed three acquisitions in the quarter. Its deal for Pell Rudman Corporation was completed on August 2. The company also purchased Grand Pacific, a leading Taiwan SITE and Parkes & Company, a UK real estate advisor.