Amvescap (NYSE:AVZ)
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AMVESCAP Names Martin L. Flanagan President and Chief Executive
Officer
ATLANTA, July 14 /PRNewswire-FirstCall/ -- AMVESCAP PLC (NYSE:AVZ) today
announced that its Board of Directors has named Martin L. Flanagan president
and chief executive officer (CEO), and a member of the Board of Directors,
effective August 1, 2005. As president and CEO, Mr. Flanagan, 45, will succeed
current Executive Chairman Charles W. Brady. Mr. Brady will continue as
chairman of the Board of Directors of AMVESCAP.
Most recently Mr. Flanagan was president and co-CEO of Franklin Resources,
Inc., a global investment organization operating as Franklin Templeton
Investments, since January 2004. He began his investment management career at
Templeton in 1983.
"With his deep industry knowledge, global experience and demonstrated
leadership skills, Marty Flanagan is the ideal CEO to lead AMVESCAP," said Mr.
Brady. "He has built a distinguished record of success leading all major
aspects of a global asset manager and earning the trust and respect of clients
and colleagues. With Marty's strategic vision and AMVESCAP's core strengths,
our company is well-positioned to capitalize on the attractive opportunities
the investment management industry continues to offer."
Robert Graham, AMVESCAP vice chairman, added, "Having served with Marty on the
Investment Company Institute's Board of Governors and other industry
committees, I know firsthand that Marty is a proven industry leader who
possesses an absolute commitment to acting at all times in the best interests
of fund shareholders. His dedication to clients and experience as an
investment manager make him an ideal fit for AMVESCAP's unique culture."
"I feel very fortunate to be joining one of the leaders in the global
investment management industry," stated Mr. Flanagan. "With its singular focus
on providing the best in investment solutions for individuals and institutions,
few companies can match AMVESCAP's global scale, comprehensive array of
products and rich heritage of outstanding client service. As the newest
addition to AMVESCAP's dynamic team, I am extremely excited about what we can
accomplish together for our clients and shareholders."
SpencerStuart, the international executive search firm, assisted the AMVESCAP
Board of Directors in identifying Mr. Flanagan.
AMVESCAP is a leading independent global investment manager, dedicated to
helping people worldwide build their financial security. Operating under the
AIM, AIM Trimark, INVESCO, INVESCO PERPETUAL and Atlantic Trust brands,
AMVESCAP strives to deliver outstanding products and services through a
comprehensive array of retail and institutional products for clients around the
world. The company is listed on the London, New York and Toronto stock
exchanges with the symbol "AVZ." Additional information is available at
http://www.amvescap.com/.
This release may include statements that constitute "forward-looking
statements" under the United States securities laws. Forward-looking
statements include information concerning possible or assumed future results of
our operations, earnings, liquidity, cash flow and capital expenditures,
industry or market conditions, assets under management, acquisition activities
and the effect of completed acquisitions, debt levels and the ability to obtain
additional financing or make payments on our debt, regulatory developments,
demand for and pricing of our products and other aspects of our business or
general economic conditions. In addition, when used in this report, words such
as "believes," "expects," "anticipates," "intends," "plans," "estimates,"
"projects" and future or conditional verbs such as "will," "may," "could,"
"should" and "would," or any other statement that necessarily depends on future
events, are intended to identify forward-looking statements.
Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions. Although we make such statements based
on assumptions that we believe to be reasonable, there can be no assurance that
actual results will not differ materially from our expectations. We caution
investors not to rely unduly on any forward-looking statements. In connection
with any forward-looking statements, you should carefully consider the areas of
risk described in our most recent annual report on Form 20-F, as filed with the
United States Securities and Exchange Commission (SEC). You may obtain these
reports from the SEC Web site at http://www.sec.gov/.
Martin L. Flanagan Biography
Martin L. Flanagan is president and chief executive officer, AMVESCAP, a
position he was named to in July 2005. Previously, he was president and co-
CEO of Franklin Resources, Inc., a global investment organization operating as
Franklin Templeton Investments, since January 2004.
While Mr. Flanagan was a president at Franklin, assets under management
increased from $224.9 billion (November 30, 1999) to $425.4 billion (June 30,
2005). Additionally, during the period he was president, the total return of
Franklin Resources, Inc. stock was 171% (from November 26, 1999 to July 8,
2005).
Prior to that position, Mr. Flanagan was president and chief operating officer
(May 2003 to January 2004) and president and chief financial officer (November
1999 to May 2003) at Franklin. He joined Franklin in October 1992 with
Franklin's acquisition of Templeton, Galbraith & Hansberger Ltd., the manager
and operator of the Templeton Family of Funds, where he served as director,
executive vice president and chief operating officer. Mr. Flanagan began his
career at Templeton in 1983 where his experience over the years ranged from
finance to operations to investment management as an equity portfolio manager
and research analyst covering the financial services sector. Before joining
Templeton, he worked as a staff auditor for Arthur Andersen & Co.
Mr. Flanagan is a member of the Investment Company Institute's Board of
Governors and was a member of the NASD Mutual Fund Task Force.
He received a bachelor of business administration and bachelor of arts degree
from Southern Methodist University. He is both a Certified Public Accountant
(CPA) and a Chartered Financial Analyst (CFA).
DATASOURCE: AMVESCAP PLC
CONTACT: Doug Kidd, Managing Director, Corporate Communications,
+1-404-479-2922 (U.S.), or Angus Maitland, Maitland Communications,
+44-207-379-5151 (U.K.), both of AMVESCAP PLC
Web site: http://www.amvescap.com/