Charles W. Brady, chairman of London-based AMVESCAP and founder of the firm's INVESCO unit, will step down at the conclusion of AMVESCAP's annual general meeting on April 27, said spokesman Bill Hensel. Rex Adams, who has been a non-executive director of the company since November 2001, will succeed Mr. Brady as chairman, according to a news release. "With Marty Flanagan (who became president and CEO in August 2005) and his management team providing strong leadership that is growing AMVESCAP's business momentum," the time had come to step down, Mr. Brady said in the news release. Mr. Brady wasn't available to elaborate. Mr. Brady will become chairman emeritus and will stay on with AMVESCAP "for a period of time" to ensure an effective transition, the news release said.