Amvescap, the US-based fund management firm, has posted an operating loss of £3.1m (€4.5m) for the first half of the year on a 26% fall in revenues, compared with a profit of £119.2m at the end of June 2002.

Revenues for the fund manager fell from £746.7m last year to £552.6m in the first half of 2003. Operating expenses fell by 22% due to a redundancy programme which produced exceptional charges of £31m.