In an article published by Financial News Online on December 3 2003, it was incorrectly stated that three senior executives of Invesco were included in charges of fraud alleged against Invesco and its chief executive Ray Cunningham by the US Securities and Exchange Commission and Eliot Spitzer, New York state Attorney General, over market timing. Only Mr Cunningham and Invesco have been charged. Timothy Miller, Thomas Kolbe and Michael Legoski do not face charges and we apologise to them for our error. Amvescap, Invesco's parent, is to vigorously contest the charges.

Amvescap has defended its market timing activities as being in the "best interests" of shareholders.