Offshore Fund Manager Invesco Completes Acquisition Of UK's Perpetual Funds
Invesco, the investment
group which manages offshore funds, said earlier this
month that parent company Amvescap Plc had completed
its recommended US$1bn cash and share offer for Perpetual
Plc, a leading UK fund management group with over
£11bn worth of funds under management. The deal
was originally announced in October 2000 and was declared
unconditional last week, following the necessary regulatory
clearances from the Department of Trade and Industry,
the Investment Management Regulatory Organisation
and the Personal Investment Authority. Perpetual Funds will
continue to operate separately until April 2001, when
it will be incorporated under the Invesco GT umbrella.
With more than US$400bn of assets under management,
the combined group will become the number two investment
provider in the UK. Invesco International
Limited distributes the 47 Invesco GT offshore funds.
A decision about the offshore range of funds will
be made during the integration review process which
will commence shortly and decisions about branding
the offshore range will be taken at that stage. Hugo Ward, chief executive
of Invesco UK, issued a statement on the group's website:
'We are delighted to be purchasing a company with
such an outstanding reputation for client service
and administration as evidenced by the AKG 1999 report
on service, where Perpetual was awarded fund investment
provider of the year.......Be assured that we envisage
that key franchises such as the Invesco European Funds,
Theme funds and our Japanese funds will remain unaffected.
One of our clear priorities will be to clarify the
details of our combined fund ranges as soon as possible
after the completion of the transaction. We are committed
to ensuring that any changes will have one clear objective,
namely to ensure that we further strengthen the quality
of investment management product available.' .
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