$200m stake for sale
Tuesday 08 August 1995
Invesco shares yesterday closed down 20p at 238p amid disappointment that Peregrine will not be bidding for all of the company.
The share price dropped despite good results, with Invesco reporting interim pre-tax profits of pounds 25.8m compared with pounds 18.7m last year. The dividend was up 40 per cent to 1.75p.
"Invesco has got a lot going for it. It has seen a lively US market, and margins continue to improve on the strength of efficiency gains,' said Simon Whittock, analyst with Smith New Court.
Invesco increased its funds under management by 12 per cent to pounds 47bn, the bulk of which is in the US. Most of the Peregrine stake is being offered to American investors, helping Invesco broaden its shareholder base in its main market. Invesco also said it will be seeking a full listing on the New York Stock Exchange.
"We think asset management is beginning to be a major growth industry. Invesco has paid the price, getting people in place across the world, and is now well positioned to take advantage of this global growth," said Charles Brady, Invesco's chairman.
Philip Tose, chairman of Peregrine, said he was selling out because the stake had become too dominant a passive investment. "We couldn't take Invesco over, much as we would have like to have done, because of the high level of goodwill," he said.
Invesco is now one of the select group of major British quoted asset managment businesses, around which areprowling a number of banks, insurance companies and investment houses, domestic, European and American. "We would like to stay independent," said Mr Brady. "At some point we could acquire someone, we are generating the funds for this."
Comment, page 15
- 1 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 2 Oil tanker with $100 million cargo goes missing off Texas coast
- 3 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...