$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 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 4 The Greece debt crisis explained in less than 100 words
- 5 Cristiano Ronaldo storms out of interview after being asked about possible sale of Manchester United target Sergio Ramos
Hilary Swank: Million Dollar Baby star says she turns down roles to care for elderly father
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
The Greece debt crisis explained in less than 100 words
Bastrop: The Texas town where many fear a large military training exercise will be used by President Obama to take their guns and impose martial law
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...