Amvescap, the Anglo-US fund manager, has posted a 28% fall in pre-tax profits to £97.5m (€158.4m) in the first quarter of 2001 - a result that was much worse than analysts expected.

Revenues were down 12% to £377.7m, compared to the first quarter last year.

Maha Khan

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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Amvescap posts 28% fall in profits

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