Third-quarter profits at Amvescap are down 70% as a result of falling markets, but the global asset manager hopes the recent acquisition of GN Parkes and Company, to create a European property arm, will help it regain lost ground.

Last month Amvescap acquired GN Parkes, founded by property wheeler-dealer Gerald Parkes in 1995, to be the cornerstone of Invesco Real Estate Advisers.