Amvescap urges Arbib to stay on at Perpetual

Charles Brady, chairman and chief executive of Amvescap, the fund management group, said yesterday that he would try to persuade Martyn Arbib to stay on at Perpetual following the £1bn takeover of the Henley-on-Thames based fund management group.

Charles Brady, chairman and chief executive of Amvescap, the fund management group, said yesterday that he would try to persuade Martyn Arbib to stay on at Perpetual following the £1bn takeover of the Henley-on-Thames based fund management group.

Mr Brady, who was in London to seal the deal, said he wanted to be able to continue to tap into the experience of Mr Arbib Pepetual's founder and biggest shareholder, but has yet to agree what form this would take.

Amvescap said the acquisition will make it Britain's second largest retail fund manager and add a further £11.8bn of assets under management. This would bring its global total to $431.8bn (£300bn). Amvescap is offering two of its shares and £10 in cash for each Perpetual share. The offer valued each Perpetual share at £36.50. Perpetual will also pay shareholders a 43p second interim dividend.