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The Company is an independent global investment manager, dedicated to helping people worldwide build its financial security.
Amvescap's profit margins are among the worst of any asset manager we cover due to lax expense control and a spate of costly legal settlements. Growth has been anemic in recent years with a combination of poor investment returns and well-publicized ethical lapses driving many investors away. Though Amvescap's recent purchase of private equity house WL Ross & Co. should boost the company's profile in the alternative investments arena, management will have to scare up plenty of demand to justify the deal's $130 million-plus price tag. Amvescap's AIM mutual funds have been unimpressive performers on the whole, with the average AIM offering (on an asset-weighted basis) garnering fewer than 3 stars under Morningstar's rating system. Though by no means over-leveraged, Amvescap carries more debt on its balance sheet than the typical asset manager. This could hamper the firm's flexibility to acquire or tactically invest in the future.
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