SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of September, 2006
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Commission File Number 001-13908
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AMVESCAP PLC
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(Translation of registrant's name into English)
30 Finsbury Square, London EC2A 1AG, ENGLAND
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
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Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- N/A
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Description of document filed: AVZ Reports Results for 9 Mos Ended 30 Sep 2006
-----------------------------------------------
For Immediate Release
Contact: Aaron Uhde Michael Perman
Phone: +1 404 479 2956 +44 (0) 207 065 3942
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AMVESCAP REPORTS RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 2006
London, October 25, 2006 - AMVESCAP (NYSE: AVZ) reported that profit before tax
for the nine months ended September 30, 2006 amounted to $506.4 million (nine
months ended September 30, 2005: $341.5 million). Operating profit for the nine
months ended September 30, 2006 amounted to $535.1 million (nine months ended
September 30, 2005: $376.1 million), and included a non-cash charge of $41.1
million ($0.03 per share, net of tax) to recognize a cost relating to
performance-based share options granted in 2003 that are now expected to vest.
Diluted earnings per share was $0.40 for the nine months ended September 30,
2006 (nine months ended September 30, 2005: $0.27).
"The growing strength of AMVESCAP's financial performance throughout 2006
resulted in this quarter's expense charge for 2003 performance-based option
awards that we now expect to vest at the end of the year," said AMVESCAP
President and CEO Martin L. Flanagan. "With improving investment performance,
additions to our broad range of investment solutions from PowerShares's
distinctive line of ETFs and the respected financial restructuring expertise of
WL Ross & Co., and a disciplined focus on expenses, we are in a good position to
continue building business momentum."
-------------------- ----------------------- -----------------------------------
Results for Nine Results for Three Months Ended
Months Ended
----------------------- -----------------------------------
----------- ----------- ----------- ----------- -----------
Sept 30, Sept 30, Sept 30, June 30, Sept 30,
2006 2005 2006 2006 2005
----------- ----------- ----------- ----------- -----------
Net revenues(a) $1,759.3m $1,621.8m $587.1m $588.1m $536.2m
Operating expenses $1,224.2m $1,245.7m $430.3m $396.4m $423.1m
Operating profit $535.1m $376.1m $156.8m $191.7m $113.1m
Net operating
margin(b) 30.4% 23.2% 26.7% 32.6% 21.1% Profit before tax $506.4m $341.5m
$150.5m $184.2m $119.1m Earnings per share:
--basic $0.41 $0.27 $0.13 $0.15 $0.09
--diluted $0.40 $0.27 $0.13 $0.15 $0.09
------------------- ----------- ----------- ----------- ----------- -----------
(a) Net revenues represent total revenues less third-party distribution,
service and advisory fees.
(b) Net operating margin is equal to operating profit divided by net revenues.
Earnings Summary
Net revenues for the nine months ended September 30, 2006, were $1,759.3 million
(nine months ended September 30, 2005: $1,621.8 million). Net revenues for nine
months ended September 30, 2006, included the recognition of performance fees of
$56.2 million (nine months ended September 30, 2005: $17.1 million). Operating
expenses totaled $1,224.2 million for the nine months ended September 30, 2006
(nine months ended September 30, 2005: $1,245.7 million). The net operating
margin for the nine months ended September 30, 2006, was 30.4% (nine months
ended September 30, 2005: 23.2%).
Net revenues for the three months ended September 30, 2006, were $587.1 million
(three months ended June 30, 2006: $588.1 million). Net revenues for the three
months ended September 30, 2006, included the recognition of performance fees of
$10.4 million (three months ended June 30, 2006: $12.6 million). Operating
expenses totaled $430.3 million for the three months ended September 30, 2006
(three months ended June 30, 2006: $396.4 million). The net operating margin for
the three months ended September 30, 2006, was 26.7% (three months ended June
30, 2006: 32.6%).
At September 30, 2006, 12.9 million performance-based share options awarded to
AMVESCAP employees in 2003 were outstanding. No expense for these options was
recorded in 2004, 2005, or during the first six months of 2006 based on the
expectation that the required performance targets for the vesting of these
options would not be attained. In order for these options to vest, earnings per
share for the year ended December 31, 2006 will need to be approximately 50%
greater than earnings per share in 2005 of $0.34. As a result of the improved
performance in 2006, the company now projects that this earnings growth will be
achieved and the options will vest. A charge of $41.1 million ($0.03 per share,
net of tax), representing the cumulative previously unrecognized cost to the
company of these awards, was recorded in the third quarter of 2006. During the
fourth quarter the remaining charge of approximately $3.7 million related to the
2003 options will be recorded.
Net Debt and Cash Flow
Net debt (total debt of $1,269.7 million, less cash and cash equivalents of
$661.2 million, which excludes client cash of $3.0 million) as of September 30,
2006 was $608.5 million compared to $810.0 million as of June 30, 2006, and
$733.6 million as of December 31, 2005. Client cash for the nine months ended
September 30, 2006, decreased $224.1 million since December 31, 2005. The
decrease in client cash, which contributed to the movement in our operating
cashflows, was primarily due to one depository account sponsored by our banking
subsidiary being replaced by an unaffiliated investment fund.
Assets Under Management
Assets under management (AUM) at September 30, 2006, were $440.6 billion (June
30, 2006: $413.8 billion). Average assets under management during the third
quarter of 2006 were $426.4 billion, compared to $414.6 billion for the second
quarter of 2006 and $377.8 billion for the third quarter of 2005.
Long-term net inflows for the nine months ended September 30, 2006 were $3.2
billion, with inflows of $62.9 billion and outflows of $59.7 billion. Net
long-term outflows for the three months ended September 30, 2006 were $0.7
billion. In addition, money market assets continue to grow, with net inflows
(not included in long-term flows above) of $4.6 billion in the third quarter of
2006 and $14.2 billion in the nine months ended September 30, 2006. The
PowerShares acquisition added $6.3 billion at closing on September 18.
PowerShares's flows have only been included since the closing and were not
material for that period. Further analysis of AUM is included in the
supplemental schedules to this release.
Business Developments
AMVESCAP continues to bring the best of its investment and product capabilities
to clients around the world while moving towards a global operating platform
within the next two to three years. With the exception of variances caused by
market movements, foreign exchange fluctuations, and expensing of 2003 stock
options, the company remains on track to meet the expense commitments made in
early 2006.
Relative investment performance improved during the quarter, with the most
significant improvement realized by the company's Canadian retail and
institutional equity product lines, partially offset by a relative decline in
our Continental European and Asian retail products. In addition, performance of
at least 94% of institutional AUM exceeded benchmarks across all major asset
classes in 1-, 3-, and 5-year time periods.
The company experienced a decrease in sales of offshore funds and lower
institutional flows during the quarter. Nevertheless, long-term asset redemption
rates have improved and net flows for 2006 remain positive.
The acquisition of PowerShares Capital Management was completed on September 18,
2006. Exchange-traded funds offered by PowerShares complement the fund lineup
and expand the breadth of products available to AMVESCAP clients. PowerShares's
assets under management were $6.3 billion at closing and had grown, largely
through market appreciation, to $6.6 billion at September 30, 2006. More
recently, PowerShares entered into an agreement to assume sponsorship of the
NASDAQ-100 Index Tracking Stock "QQQQ" and other NASDAQ sponsored products,
pending regulatory approval.
On October 3, 2006, the company completed the acquisition of WL Ross and Co.
LLC, a recognized leader in financial restructuring. The WL Ross team has
assumed responsibility for the direct private equity business of AMVESCAP and
will serve the company's institutional and high net worth clients.
AMVESCAP is a leading independent global investment manager, dedicated to
helping people worldwide build their financial security. Operating under the
AIM, INVESCO, AIM Trimark, Invesco Perpetual and Atlantic Trust brands, AMVESCAP
strives to deliver outstanding products and services through a comprehensive
array of enduring investment solutions for our retail, institutional and private
wealth management clients around the world. The company is listed on the London,
New York and Toronto stock exchanges with the symbol"AVZ." Additional
information is available at www.amvescap.com.
Members of the investment community and general public are invited to listen to
the conference call today, Wednesday, October 25, 2006, at 2:30 p.m. BST (9:30
a.m. EDT), by dialing one of the following numbers: 1-517-268-4676 or
1-888-455-2053 for U.S. callers. An audio replay of the conference call will be
available until Wednesday, November 1, 2006, at 10:59 p.m. (CT) by calling
1-203-369-0627 or 1-866-408-8269 for U.S. callers. The presentation slides that
will be reviewed during the conference call will be available on AMVESCAP's Web
site at www.amvescap.com.
# # #
This release may include statements that constitute "forward-looking statements"
under the United States securities laws. Forward-looking statements include
information concerning possible or assumed future results of our operations,
earnings, liquidity, cash flow and capital expenditures, industry or market
conditions, assets under management, acquisition activities and the effect of
completed acquisitions, debt levels and the ability to obtain additional
financing or make payments on our debt, regulatory developments, demand for and
pricing of our products and other aspects of our business or general economic
conditions. In addition, when used in this release, words such as "believes,"
"expects," "anticipates," "intends," "plans," "estimates," "projects" and future
or conditional verbs such as "will," "may," "could," "should," and "would" and
any other statement that necessarily depends on future events, are intended to
identify forward-looking statements.
Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions. Although we make such statements based on
assumptions that we believe to be reasonable, there can be no assurance that
actual results will not differ materially from our expectations. We caution
investors not to rely unduly on any forward-looking statements. In connection
with any forward-looking statements, you should carefully consider the areas of
risk described in our most recent Annual Report on Form 20-F, as filed with the
United States Securities and Exchange Commission ("SEC"). You may obtain these
reports from the SEC's Web site at www.sec.gov.
AMVESCAP PLC
Consolidated Income Statement
(Unaudited, in millions, other than per share amounts and headcount)
Nine Months Ended September 30,
----------------------------- ------------
2006 2005 % Change
------------ ------------ ------------
Revenues:
Management $1,887.6 $1,639.9 15.1%
Service and distribution 399.4 408.9 (2.3)%
Other 75.6 95.7 (21.0)%
------------ ------------ ------------
Total revenues 2,362.6 2,144.5 10.2%
Third-party distribution,
service and advisory
fees (603.3) (522.7) 15.4%
------------ ------------ ------------
Net revenues 1,759.3 1,621.8 8.5%
------------ ------------ ------------
Operating expenses:
Compensation 793.1 781.3 1.5%
Marketing 103.3 105.9 (2.5)%
Property and office 81.1 103.5 (21.6)%
Technology/
telecommunications 92.7 107.4 (13.7)%
General and
administrative 154.0 147.6 4.3%
------------ ------------ ------------
Total operating expenses 1,224.2 1,245.7 (1.7)%
------------ ------------ ------------
Operating profit 535.1 376.1 42.3%
Investment income 17.4 11.9 46.2%
Other income 10.2 18.1 (43.6)%
Interest expense (56.3) (64.6) (12.8)%
------------ ------------ ------------
Profit before taxation 506.4 341.5 48.3%
Taxation - U.K. (52.8) (11.1) 375.7%
Taxation - outside
of the U.K. (125.7) (112.2) 12.0%
------------ ------------ ------------
Profit after
taxation 327.9 218.2 50.3%
Minority interests (1.3) (0.9) 44.4%
------------ ------------ ------------
Profit for the period
attributable to equity
holders of the parent $326.6 $217.3 50.3%
============ ============ ============
Earnings per share:
---basic $0.41 $0.27
---diluted $0.40 $0.27
Average shares
outstanding:
---basic 791.0 793.8
---diluted 810.7 803.5
Ending Headcount 5,499 5,983
AMVESCAP PLC
Consolidated Income Statement
(Unaudited, in millions, other than per share amounts and headcount)
Q306 Q206 % Change Q305 % Change
---------- ---------- ---------- ---------- -----------
Revenues:
Management $641.7 $625.9 2.5% $555.7 15.5%
Service and
distribution 130.8 133.0 (1.7)% 125.9 3.9%
Other 18.8 29.4 (36.1)% 35.0 (46.3)%
---------- ---------- ---------- ---------- ----------
Total revenues 791.3 788.3 0.4% 716.6 10.4%
Third-party
distribution,
service and
advisory fees (204.2) (200.2) 2.0% (180.4) 13.2%
---------- ---------- ---------- ---------- ----------
Net revenues 587.1 588.1 (0.2%) 536.2 9.5%
---------- ---------- ---------- ---------- ----------
Operating expenses:
Compensation 288.3 251.4 14.7% 267.3 7.9%
Marketing 31.6 35.6 (11.2)% 28.2 12.1%
Property and
office 27.1 27.0 0.4% 40.9 (33.7)%
Technology/
telecommunications 30.5 30.1 1.3% 33.4 (8.7)%
General and
administrative 52.8 52.3 1.0% 53.3 (0.9)%
---------- ---------- ---------- ---------- ----------
Total operating
expenses 430.3 396.4 8.6% 423.1 1.7%
---------- ---------- ---------- ---------- ----------
Operating profit 156.8 191.7 (18.2)% 113.1 38.6%
Investment income 6.7 5.6 19.6% 4.2 59.5%
Other income 6.7 6.2 8.1% 21.9 (69.4)%
Interest expense (19.7) (19.3) 2.1% (20.1) (2.0)%
---------- ---------- ---------- ---------- ----------
Profit before
taxation 150.5 184.2 (18.3)% 119.1 26.4%
Taxation - U.K. (15.4) (19.4) (20.6)% (4.5) 242.2%
Taxation - outside of
the U.K. (32.9) (47.4) (30.6)% (39.3) (16.3)%
---------- ---------- ---------- ---------- ----------
Profit after
taxation 102.2 117.4 (12.9)% 75.3 35.7%
Minority interests (0.2) (0.3) (33.3)% (0.4) (50.0)%
---------- ---------- ---------- ---------- ----------
Profit for the period
attributable to
equity holders of
the parent $102.0 $117.1 (12.9)% $74.9 36.2%
========== ========== ========== ========== ==========
Earnings per share:
---basic $0.13 $0.15 $0.09
---diluted $0.13 $0.15 $0.09
Average shares
outstanding:
---basic 790.3 783.2 794.1
---diluted 809.6 804.0 807.5
Ending Headcount 5,499 5,485 5,983
AMVESCAP PLC
Consolidated Balance Sheet
(Unaudited, in millions)
September 30, 2006 December 31, 2005
-------------------- --------------------
Non-current assets
Goodwill $4,723.8 $4,213.6
Intangible assets 187.4 99.0
Property and equipment 163.2 180.0
Deferred sales commiss 60.8 78.9
Deferred tax assets 197.3 150.7
Investments 148.9 149.4
-------------------- --------------------
5,481.4 4,871.6
Current assets
Trade and other receivables 1,160.6 805.3
Investments 117.0 31.3
Assets held for policyholders 1,509.7 1,170.8
Cash and cash equivalents 664.2 715.7
-------------------- --------------------
3,451.5 2,723.1
Total assets 8,932.9 7,594.7
Current liabilities
Current maturities of long-term debt (312.2) (10.0)
Trade and other payables (1,523.7) (1,307.3)
Policyholder payables (1,509.7) (1,170.8)
Provisions (178.6) (52.1)
-------------------- --------------------
(3,524.2) (2,540.2)
Non-current liabilities
Long-term debt (957.5) (1,212.2)
Deferred tax liabilities (44.2) (43.5)
Provisions (318.1) (182.5)
-------------------- --------------------
(1,319.8) (1,438.2)
Total liabilities (4,844.0) (3,978.4)
Net assets $4,088.9 $3,616.3
==================== ====================
Equity
Share capital $82.8 $81.8
Share premium 161.3 85.0
Shares held by employee trusts (569.4) (413.5)
Exchangeable shares 404.0 431.8
Retained earnings 933.9 638.7
Other reserves 3,071.5 2,789.2
-------------------- --------------------
Equity attributable to equity
holders of the parent 4,084.1 3,613.0
Minority interests 4.8 3.3
-------------------- --------------------
Total equity $4,088.9 $3,616.3
==================== ====================
AMVESCAP PLC
Consolidated Statement of Changes in Equity
(Unaudited, in millions)
2006
---------------
December 31, 2005 $3,616.3
Profit for the period attributable to equity holders of the
parent 326.6
Currency translation differences on investments in overseas
subsidiaries 232.0
Available for sale reserve:
Net unrealized losses from changes in fair value (17.0)
Realized gains transferred to the income stateme (5.6)
---------------
Total recognized income and expense attributable to equity
holders of the parent 536.0
---------------
Total equity attributable to equity holders of the parent 4,152.3
Share-based payment charge 101.9
Tax taken to equity 20.1
Dividends (80.3)
Issuance of new shares 49.5
Increase in shares held by employee share ownership trusts (155.9)
Total amounts attributable to minority interests 1.3
---------------
September 30, 2006 $4,088.9
---------------
AMVESCAP PLC
Consolidated Cash Flow Statement
(Unaudited, in millions)
Nine Months Ended September 30,
------------------------------------------
-------------------- --------------------
2006 2005
-------------------- --------------------
Operating profit $535.1 $376.1
Amortization and depreciation 49.9 60.2
Interest paid, net of interest
received and other investment
income/losses (34.3) (65.8)
Taxation (164.2) (83.6)
Change in other assets and
liabilities (154.9) 173.8
-------------------- --------------------
Net cash inflow from operating
activities 231.6 460.7
Investing activities:
Capital expenditures, net of sales (25.0) (24.7)
Purchase of long-term investments,
net (36.5) (8.0)
Acquisitions (100.5) --
Disposals -- 53.7
-------------------- --------------------
Net cash (outflow)/inflow from
investing activities (162.0) 21.0
Financing:
Dividends paid (80.3) (75.0)
Net borrowings/(repayment of debt) 44.0 (230.5)
Purchase of shares (155.9) --
Issuance of new shares 48.4 1.7
-------------------- --------------------
Net cash outflow from financing
activities (143.8) (303.8)
(Decrease)/increase in cash and cash
equivalents (74.2) 177.9
Foreign exchange 22.7 (2.6)
Cash and cash equivalents, beginning
of period 715.7 546.9
-------------------- --------------------
Cash and cash equivalents, end of
period $664.2 $722.2
==================== ====================
Notes
1. Accounting policies
The accounting policies applied to the information in the earnings release
follow International Financial Reporting Standards in effect as of the date
of this release and are consistent with those applied in the 2005 Annual
Report. Refer to the 2005 Annual Report, available at www.amvescap.com, for
a more detailed discussion of these policies. The accounting policies
applied to the information in this earnings release are also consistent
with those that are expected to be applied in the 2006 Annual Report.
The interim financial information has been prepared under the measurement
and recognition principles of IFRS as permitted by the Committee of
European Securities Regulators and does not purport to be a complete or
condensed set of interim financial statements in accordance with IAS 34,
"Interim Financial Reporting".
Certain prior year balance sheet amounts have been reclassified to conform
to the current year presentation of those amounts.
2. Taxation
A significant proportion of the tax charge arose from U.S., U.K., and
Canadian operations. The effective tax rate was 35.2% for the nine months
ended September 30, 2006 (the nine months ended September 30, 2005: 36.1%).
3. Earnings per share
Basic earnings per share is based on the weighted average number of
ordinary and exchangeable shares outstanding during the respective periods,
excluding shares purchased and held by employee share ownership trusts.
Diluted earnings per share takes into account the effect of the potential
issuance of ordinary shares.
Nine Months Ended September 30, 2006
---------------------------------------------------------
(in millions) Profit for the period
attributable to equity Number of shares Per share
holders of the parent amount
------------------------ ---------------- ---------
Basic earnings
per share $326.6 791.0 $0.41
Dilutive effect
of share-based
awards -- 19.7
------------------------ ----------------- ---------
Diluted earnings
per share $326.6 810.7 $0.40
======================== ================= =========
Nine Months Ended September 30, 2005
---------------------------------------------------------
(in millions) Profit for the period
attributable to equity Number of shares Per share
holders of the parent amount
------------------------ ----------------- ---------
Basic earnings
per share $217.3 793.8 $0.27
Dilutive effect
of share-based
awards -- 9.7
------------------------ ------------------ ---------
Diluted earnings
per share $217.3 803.5 $0.27
======================== ================== =========
4. Acquisitions
On September 18, 2006, the company acquired 100% of the limited liability
company interests of PowerShares Capital Management LLC ("PowerShares").
Consideration for the transaction was $398.7 million, which includes
estimates of future earn-out provisions of $292.0 million, payable in the
future depending on the achievement of various management fee growth
targets. Goodwill and management contract intangible assets of $397.9
million have been recorded on this acquisition. Net cash paid at closing
was $99.1 million.
The book and fair values of net assets acquired were determined as follows:
Book/Fair Value
(in millions)
----------------
Property and equipment $2.6
Receivables 3.4
Cash and cash equivalents 2.1
Payables (7.3)
----------------
Net assets 0.8
Goodwill 298.2
Management contract intangibles 99.7
----------------
398.7
----------------
Satisfied by:
Cash and cash equivalents paid and
provisions established 398.7
----------------
Total fair value of net assets 398.7
----------------
The book value of net assets acquired is approximately equal to the fair
value of these assets and liabilities. No accounting policy alignment
adjustments have been made because the PowerShares's financial results
maintained under U.S. Generally Accepted Accounting Principles are
materially the same as International Financial Reporting Standards followed
by the company.
5. Post balance sheet event
On October 3, 2006, AMVESCAP acquired WL Ross and Co. LLC. The initial
purchase price consideration paid at closing was $100 million. Additional
consideration of between $30 million and $275 million is payable in the
future depending upon the achievement of annual fund launch targets over
the five years following the completion of the transaction.
6. Dividends
The interim 2006 dividend of $61.7 million, or $0.077 per share, was paid
on October 11, 2006.
7. Statutory financial statements
The financial information shown in this earnings release is unaudited and
does not constitute statutory financial statements. The 2005 Annual Report,
which was filed with the Registrar of Companies on May 31, 2006, includes
an unqualified audit report in accordance with Section 235 of the Companies
Act 1985. This audit report does not contain a statement under section
237(2) or section 237(3) of the Companies Act 1985.
AMVESCAP PLC
Quarterly Assets Under Management
-------------------------------------------------------------------------------
(in billions) Q306 Q206 % Change Q305
-------------------------------------------------------------------------------
--------------------- ------------ ------------ ------------ ------------
Beginning Assets $413.8 $410.9 0.7% $373.2
Inflows 16.3 23.5 (30.6)% 15.7
Outflows (17.0) (21.2) (19.8)% (19.9)
------------ ------------ ------------
Net flows (0.7) 2.3 n/a (4.2)
Net flows in money
market funds and
other 4.6 2.2 109.1% 0.1
Market gains/reinvestment 13.4 (6.2) n/a 11.1
Acquisitions 6.3 -- n/a --
Foreign currency 3.2 4.6 (30.4)% 0.3
----------- -------------- -------------
Ending Assets $440.6 $413.8 6.5% $380.5
=========== ============== =============
Average long-term AUM 362.0 353.4 2.4% 336.6
Average institutional
money market AUM 64.4 61.2 5.2% 41.2
----------- -------------- -------------
Average AUM $426.4 $414.6 2.8% $377.8
=========== ============== =============
Net revenue yield on
AUM (annualized)(a) 55.1bps 56.7bps 56.8bps
Net revenue yield on
AUM before performance
fees (annualized) 54.1bps 55.5bps 56.5bps
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
By channel: Private Wealth
(in billions) Total Retail Institutional Management
--------------------------------------------------------------------------------
June 30, 2 $413.8 $202.4 $195.0 $16.4
Inflows 16.3 11.5 4.0 0.8
Outflows (17.0) (12.7) (3.5) (0.8)
----------- ------------- ------------- -------------
Net flows (0.7) (1.2) 0.5 --
Net flows in money
market funds and
other 4.6 (0.2) 4.8 --
Market gains/
reinvestment 13.4 9.3 3.5 0.6
Acquisitions 6.3 6.3 -- --
Foreign currency 3.2 2.2 1.0 --
----------- -------------- ------------- ------------
September 30, 2006 $440.6 $218.8 $204.8 $17.0
=========== ============== ============= ============
--------------------------------------------------------------------------------
By asset class: Fixed Money Stable Alter-
(in billions) Total Equity(c) Income Balanced Market Value natives
--------------------------------------------------------------------------------
June 30,
2006(b) $413.8 $183.3 $57.3 $40.4 $61.3 $47.2 $24.3
Inflows 16.3 7.9 4.2 1.4 0.3 1.2 1.3
Outflows (17.0) (8.9) (4.4) (1.5) (0.7) (0.8) (0.7)
------- --------- ------- --------- ------- ------- -------
Net flows (0.7) (1.0) (0.2) (0.1) (0.4) 0.4 0.6
Net flows in
money market
funds and
other 4.6 -- 0.1 (0.2) 4.7 -- --
Market gains/
reinvestment 13.4 7.7 1.7 2.9 0.1 0.4 0.6
Acquisitions 6.3 6.3 -- -- -- -- --
Foreign
currency 3.2 2.3 0.5 0.1 0.1 -- 0.2
------- --------- ------- --------- ------- ------- -------
September 30,
2006 $440.6 $198.6 $59.4 $43.1 $65.8 $48.0 $25.7
======= ========= ======= ========= ======= ======= =======
--------------------------------------------------------------------------------
By client
domicile:
(in billions) Total U.S. Canada U.K. Europe Asia
--------------------------------------------------------------------------------
June 30, 2006 $413.8 $246.0 $43.0 $58.2 $42.1 $24.5
Inflows 16.3 5.0 1.5 2.8 4.7 2.3
Outflows (17.0) (7.7) (2.2) (1.8) (4.2) (1.1)
------- ------- ------- ------- -------- ------
Net flows (0.7) (2.7) (0.7) 1.0 0.5 1.2
Net flows in money
market funds and other 4.6 4.2 0.1 0.1 0.2 --
Market gains/
reinvestment 13.4 5.1 2.0 4.0 1.2 1.1
Acquisitions 6.3 6.3 -- -- -- --
Foreign currency 3.2 -- 0.2 1.8 0.3 0.9
------- -------- ------- ------- -------- ------
September 30, 2006 $440.6 $258.9 $44.6 $65.1 $44.3 $27.7
======= ======== ======= ======= ======== ======
--------------------------------------------------------------------------------
(a) Net revenue yield on AUM is equal to net revenue divided by average AUM. (b)
The asset class beginning balances were adjusted to reflect certain asset
reclassifications.
(c) Includes PowerShares's ETF AUM which are primarily invested in equity
securities.
AMVESCAP PLC
Year-to-Date Assets Under Management
--------------------------------------------------------------------------------
(in billions) September 30, 2006 September 30, 2005 % Change
--------------------------------------------------------------------------------
Beginning Assets $386.3 $382.1 1.1%
Inflows 62.9 50.5 24.6%
Outflows (59.7) (63.0) (5.2)%
------------------ -------------------
Net flows 3.2 (12.5) n/a
Net flows in money
market funds and
other 14.2 (1.3) n/a
Market gains/
reinvestment 22.5 15.5 45.2%
Acquisitions 6.3 -- 100%
Foreign currency 8.1 (3.3) n/a
------------------ -------------------
Ending Assets $440.6 $380.5 15.8%
================== ===================
Average long-term
AUM 352.4 335.5 5.0%
Average institutional
money market AUM 62.1 41.1 51.1%
------------------ -------------------
Average AUM $414.5 $376.6 10.1%
================== ===================
Net revenue yield on
AUM (annualized)(a) 56.6bps 57.4bps
Net revenue yield on
AUM before
performance fees
(annualized) 54.8bps 56.8bps
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
By channel: Private Wealth
(in billions) Total Retail Institutional Management
--------------------------------------------------------------------------------
December 31, 2005 $386.3 $190.2 $179.8 $16.3
Inflows 62.9 44.0 15.7 3.2
Outflows (59.7) (42.2) (14.3) (3.2)
------- ------- ------------- --------------
Net flows 3.2 1.8 1.4 --
Net flows in money market
funds and other 14.2 1.2 13.0 --
Market gains/reinvestment 22.5 13.6 8.2 0.7
Acquisitions 6.3 6.3 -- --
Foreign currency 8.1 5.7 2.4 --
------- ------- ------------- --------------
September 30, 2006 $440.6 $218.8 $204.8 $17.0
======= ======= ============= ==============
--------------------------------------------------------------------------------
By asset class: Fixed Money Stable Alter-
(in billions) Total Equity(c) Income Balanced Market Value natives
--------------------------------------------------------------------------------
December 31,
2005(b) $386.3 $177.5 $48.7 $40.4 $52.1 $45.7 $21.9
Inflows 62.9 29.2 19.0 5.2 1.4 3.6 4.5
Outflows (59.7) (34.5) (11.2) (6.4) (2.4) (2.8) (2.4)
------- --------- ------- --------- ------ ------ -------
Net flows 3.2 (5.3) 7.8 (1.2) (1.0) 0.8 2.1
Net flows in
money market
funds and
other 14.2 -- 0.1 (0.3) 14.4 -- --
Market gains/
reinvestment 22.5 14.5 1.6 3.5 0.2 1.5 1.2
Acquisitions 6.3 6.3 -- -- -- -- --
Foreign
currency 8.1 5.6 1.2 0.7 0.1 -- 0.5
------- --------- ------- --------- ------ ------ -------
September 30,
2006 $440.6 $198.6 $59.4 $43.1 $65.8 $48.0 $25.7
======= ========= ======= ========= ====== ====== ========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
By client domicile:
(in billions) Total U.S. Canada U.K. Europe Asia
--------------------------------------------------------------------------------
December 31, 2005 $386.3 $235.9 $42.6 $52.9 $32.5 $22.4
Inflows 62.9 21.2 3.2 9.0 19.1 10.4
Outflows (59.7) (28.4) (6.1) (6.3) (12.2) (6.7)
------- ------- ------- ------- ------- ------
Net flows 3.2 (7.2) (2.9) 2.7 6.9 3.7
Net flows in money
market funds and
other 14.2 12.7 0.4 0.2 0.8 0.1
Market gains/
reinvestment 22.5 11.2 2.6 5.5 1.9 1.3
Acquisitions 6.3 6.3 -- -- -- --
Foreign currency 8.1 -- 1.9 3.8 2.2 0.2
------- ------- ------- ------- ------- ------
September 30, 2006 $440.6 $258.9 $44.6 $65.1 $44.3 $27.7
======= ======= ======= ======= ======= ======
--------------------------------------------------------------------------------
(a) Net revenue yield on AUM is equal to net revenue divided by average AUM. (b)
The asset class beginning balances were adjusted to reflect certain asset
reclassifications.
(c) Includes PowerShares's ETF AUM which are primarily invested in equity
securities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMVESCAP PLC
------------------------------
(Registrant)
Date 25 October, 2006 By /s/ Michael S. Perman
----------------- --------------------------
(Signature)
Michael S. Perman
Company Secretary