Friends Ivory & Sime (FIS), the UK-based investment manager, has seen pre-tax profits for 2001 remain stable at £27m (€44.2m), while funds under management declined 10% to £33.8bn.

The firm, which is two-thirds owned by Friends Provident although 55% of its funds are now managed by third parties, said that it had managed to recommend a dividend payout of 11p per share, unchanged from 2000.