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Amvescap finally seals£1bn Perpetual deal

Amvescap, the US fund manager and owner of Invesco, has bought Perpetual for £1.05bn after almost six months of stop-start talks.

The acquisition has had mixed reactions from IFAs, with some concerned that the deal will lead to an exodus of senior fund managers.

The two companies have similar funds in 14 sectors, opening the door for a number of fund mergers.

Amvescap has confirmed that Perpetual and Invesco will remain separate for the coming Isa season but has said it is likely to merge the companies in the future.

Amvescap says it intends to maintain Perpetual&#39s Henley-on-Thames headquarters.

Perpetual chairman Mar-tyn Arbib is seeking to allay fears that the deal will be an Invesco walkover and says the two companies are to be given an equal footing in the integration committee.

Since Arbib announced he was looking for a buyer in May, almost a dozen names, including CGNU, Allianz and JP Morgan, have been rumoured to be in the running.

Arbib stands to make around £450m from the deal but says he does not intend to sell his holdings. He says: “We are very pleased we have joined with a fund management company that has the same principles, as we could have ended up in a mixed organisation with a different emphasis.”

Bates Investment senior analyst James Dalby says: “I certainly think they are right to keep them separate for the Isa season.

“But in terms of a poss-ible merger, I think it is going to be very difficult. These are two significantly sized groups. I think it is going to get messy.”

Plan Invest director Michael Owen says: “I am glad that the Perpetual takeover has been resolved but they have got a lot to do. We will have to watch very carefully how they merge things.”


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