Amvescap, the fund management house, saw a decline in the value of its assets under management of $32.2bn (€35.8bn) from the end of 2000, while quarter one profits are down $6.6m on the same period last year.

The decrease of assets under management from $370.3bn at March 31 this year, compared to $402.5bn, from December 31, 2000 was attributed largely to a correction in the world equity markets.