BRITISH fund management group Invesco MIM has suffered a pre-tax profit fall for 1992 of six per cent from GBP31.1 million (about HK$361 million) to GBP29.2 million.
The company also confirmed an expected 50 per cent cut in dividend for the whole year to shareholders.
Problems over fund management activities in the UK and exceptional items incurred as a consequence, resulted in a profits slip of GBP1.9 million to the international fund.
Provision for exceptional items remained unchanged at GBP16.6 million. The dividend fell from six pence last year to three pence. Earnings per share were 2.5 pence, up from 2.3 pence last year.
The company also announced an impending restructuring into three semi-autonomous businesses under a group board.
Partly owned by Peregrine Securities, which has a 24.7 per cent stake, Invesco declared that each of the UK, US and Asia Pacific sectors of the business would be controlled by a separate chief executive, with a full board of executive and non-executive directors.