AMVESCAP Completes Acquisition of PowerShares Capital Management
19 September 2006 - 7:10AM
PR Newswire (US)
ATLANTA, Sept. 18 /PRNewswire-FirstCall/ -- AMVESCAP PLC (NYSE:AVZ)
today announced it has completed its previously announced
acquisition of PowerShares Capital Management LLC, a leading
provider of exchange-traded funds (ETFs). "The addition of
PowerShares ETFs expands AMVESCAP's ability to offer investment
solutions to investors and their advisors," said Marty Flanagan,
president and chief executive officer of AMVESCAP. "The powerful
combination of PowerShares' exciting ETFs, AIM Investments' broad
range of actively managed mutual funds and our top-ranked money
market funds offers advisors a uniquely comprehensive array of
investment choices from which to build better portfolios for their
clients." PowerShares, whose family of 37 distinctive ETFs will now
be distributed by AIM Investments, manages $5.9 billion in assets
(as of June 30, 2006). "The combination of PowerShares and AIM
creates one of the broadest financial product suites available
anywhere and the largest and most experienced ETF distribution
force in the U.S. I am looking forward to working together on the
tremendous opportunities that lie ahead of us," said H. Bruce Bond,
president and chief executive officer of PowerShares Capital
Management. Since their inception in 1993, ETFs in the United
States have grown to $336.92 billion (as of July 30, 2006),
according to the Investment Company Institute. "We're excited to
provide PowerShares ETFs, alongside our wide range of mutual funds,
for investors and their advisors," said Phil Taylor, AMVESCAP's
senior managing director for North American retail. "AIM's brand
strength, broad distribution capabilities and long-standing
relationships with advisors will make PowerShares ETFs available to
a larger group of investors. These complementary investment
products greatly expand AIM's product line and our ability to
provide a full range of investment solutions." AMVESCAP is a
leading independent global investment manager, dedicated to helping
people worldwide build their financial security. Operating under
the AIM, AIM Trimark, INVESCO, Invesco Perpetual and Atlantic Trust
brands, AMVESCAP strives to deliver outstanding products and
services through a comprehensive array of enduring investment
solutions for our retail, institutional and private wealth
management clients around the world. The company is listed on the
London, New York and Toronto stock exchanges under the symbol
"AVZ." Additional information is available at
http://www.amvescap.com/. AIM Investments is a registered service
mark of A I M Management Group Inc. A I M Distributors, Inc. is the
distributor for the retail mutual funds and exchange-traded funds
represented by AIM Investments. This release may include statements
that constitute "forward-looking statements" under the United
States securities laws. Forward-looking statements include
information concerning possible or assumed future results of our
operations, earnings, liquidity, cash flow and capital
expenditures, industry or market conditions, assets under
management, acquisition activities and the effect of completed
acquisitions, debt levels and the ability to obtain additional
financing or make payments on our debt, regulatory developments,
demand for and pricing of our products and other aspects of our
business or general economic conditions. In addition, when used in
this report, words such as "believes," "expects," "anticipates,"
"intends," "plans," "estimates," "projects" and future or
conditional verbs such as "will," "may," "could," "should" and
"would," or any other statement that necessarily depends on future
events, are intended to identify forward-looking statements.
Forward-looking statements are not guarantees of performance. They
involve risks, uncertainties and assumptions. Although we make such
statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ
materially from our expectations. We caution investors not to rely
unduly on any forward-looking statements. In connection with any
forward-looking statements, you should carefully consider the areas
of risk described in our most recent annual report on Form 20-F, as
filed with the United States Securities and Exchange Commission
(SEC). You may obtain these reports from the SEC Web site at
http://www.sec.gov/. A I M Distributors, Inc. is the distributor of
the PowerShares Exchange-Traded Fund Trust. DATASOURCE: AMVESCAP
PLC CONTACT: Ivy McLemore, Director of Communications, AIM
Investments, (U.S.), +1-713-214-1904 Web site:
http://www.amvescap.com/
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