Amvescap, the Anglo-American fund manager, lost $32.3bn (£22.4bn) in assets in the first quarter of 2001, bringing its total assets under management down to $370.3bn (£257bn).
Despite the fall in assets under management, Amvescap, which operates under the AIM and Invesco brands, gained $3.1bn (£2.15bn) in new business since the start of the year.
Additionally, the firm saw pre-tax profits rise to £135m in the first three months of 2001 compared to £124.7m for the first quarter of 2000. Amvescap also saw its revenue increase to £427.3 million ($606.8m) from £369.5 million ($587.5m) in Q1 2000.
According to Amvescap's executive chairman Charles Brady, the first quarter results are positive: Our results reflect the impact of a general correction in world equity markets. Despite the declines, Amvescap achieved solid results.
Brady also added: Each of our business divisions achieved net new sales as clients continued to trust us with their assets. While profitability will continue to be affected by challenging market conditions, we remain confident in the long-term potential of our industry.
In March, Amvescap purchased Kentucky-based outfit National Asset Management in a deal worth up to $300m (£208m). Last year, it bought both Canadian mutual fund manager Trimark Financial, and UK asset manager Perpetual. Trimark was acquired for approximately £1.2bn ($832.6m), whilst Perpetual was bought for £1bn ($694m).
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