Amvescap, the Anglo-American fund management group, is reviewing a partnership structure designed by former chairman Charles Brady to enhance the loyalty of top employees.

Brady retired recently and Amvescap's chief executive Martin Flanagan has decided to review the arrangement. It is said to have been the model Goldman Sachs used after it listed. The Amvescap scheme was designed to make executives feel part of a single group. Sources close to Flanagan said he would delay creating new partners until the review was complete. It will take place alongside a discussion on the best way of rewarding talented individuals. Flanagan wants to finalise compensation structures this year and complete his partnership review by next year. A former Amvescap employee said: "Some executives, particularly the younger ones, view the partnership structure as elitist. Not all the people within the partnership are as important as they once were." An analyst said Amvescap had created 120 partners. "It's not as exclusive as it once was," he said. Amvescap is on the road to recovery following business losses and regulatory concerns in the wake of the equity bear market. Its pre-tax profits rose by 50% to $355.9m (€277.6m) in the six months to June 30.