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Amvescap, a potential takeover target has reported outflows of $5.7bn and disclosed lower second-quarter income.

The fund manager has been feeling regulatory heat, since becoming involved in improper market practices, for which it received a $450m (£254m) fine in the US, last year.

Second quarter net income dropped from £41.1m to £38.5m over the year, whilst funds under management fell 0.6% to $373.2bn.

The drop in funds managed represents a $5.7bn withdrawal by clients.

Amvescap is currently the target for CI Financial, a Canadian money manager.

Martin Flanagan, the Amvescap CEO, has however has refused to consider a sale of the company or breaking it up for disposals.

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