Down

SHARES in Amvescap, the fund management group, fell 18 per cent last week hurt by plunging stock markets. In fact, the company reported sparkling first half earnings growth of 55 per cent boosted by gains in markets during that period.

Robust growth and low inflation has lifted the value of many money managers' portfolios.

Amvescap was formed last year following the merger of Aim Management Group and Atlanta-based Invesco. Earlier this year it bought LGT Asset Management for about $1.3bn.

Last month the company announced plans to cut about 600 jobs as it folds LGT into its existing funds business.