Amvescap, the Anglo-US fund management group, has blamed the worst bear market in 65 years for a 33% fall in pre-tax profits in 2002.

Profits fell to £320.9m (€491m) while funds under management slumped 16% to £206.6bn. Around half of Amvescap's total assets are held in equities, which have been hit by dramatic market falls in the past year.