Amvescap PLC (US)

AVZ-N

Has been poorly managed and poorly run over the last couple of years. Have to look at the business and how it should be run. The most valuable component, Aim/Trimark is being looked at by CIT and he would be supportive of a break up of the company.

The overall theme is a global money manager. Have done a lot of integration and cut a lot of costs. Expects a change in management. Could be acquired.

Undervalued company. Vunerable to competitors looking at it. Inexpensive.

Well below its intrinsic value.

Bullish on the bussiness.Trading at 19/20 X earnings. Great long term.

Very profitable. Mutual finds are at a low now.