AMVESCAP bought Australian fund manager County Investment Management for US$60 million, subject to regulatory approval in Australia. County, a unit of National Australia Bank Group, has A$14.1 billion (US$7.6 billion) in assets under management. The deal is designed to give AMVESCAP exposure to the Australian pension market, Charles Brady, AMVESCAP chairman and CEO, said in a statement.
AMVESCAP subsidiary INVESCO has been distributing offshore funds since 1992, said Doug Kidd, AMVESCAP managing director for corporate communications.
The deal is expected to take effect early next year.