Amvescap slashes the dividend
ANGL-AMERICAN fund manager Amvescap, reeling from the crisis engulfing its US mutual fund arm Invesco, today halved its dividend, the first cut in more than 10 years.
It declared an interim dividend of 2.5p to be paid on 15 October, with an ex-dividend date of 22 September. Last year the firm paid 5p.
The final dividend for 2004 is likely to be damaged by the performance of Invesco, the company's US mutual, which, along with its sister company, last week paid $450m (£245m) in a settlement to the US Securities Exchange Commission after allegations it encouraged improper trading in its funds.
Amvescap business chairman Charles Brady made an abject apology for the affair and assured investors it would not happen again.
The company said it would return to its progressive dividend policy next year.
