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Amvescap has reported pre-tax profit of £187m for the first three quarters of the year, up from £182.9m for last year. Amvescap, an anglo-American fund manager saw off a bid from Canadian firm CI Financial earlier this year.

£19m of the figure came from a sale of a retirement business. Assets under management dropped from $382.1bn to $380.5bn over the period.

Legal action and poor performance are seen as drivers for the company to lose funds.

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