Big Fund Firms Post Mixed Results
Elsewhere, London-based Amvescap (AVZ) said its second-quarter profit totaled $117.4 million, or 15 cents a share, up from $71.3 million, or 9 cents a share, a year earlier.
Average assets under management reached $414.6 billion at the end of June, compared to $401.3 billion at the end of March, and up substantially from the $373.1 billion recorded in the second quarter of 2005.
And smaller money management firm W.P. Stewart (WPL) said its second-quarter net income fell to $9.6 million, or 21 cents a share, from $12.3 million, or 27 cents a share, in the previous year. Excluding a charge of 5 cents a share, earnings met analysts' mean estimate of 26 cents a share.
W.P. Stewart's assets under management at the end of June declined by about $900 million from March to $8.4 billion, compared with $8.8 billion a year earlier.The company also announced it will switch to a single-fee structure, with no charge for brokerage commissions. Shares were recently trading down $3.03, or 20%, to $12.28.
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