Amvescap, the Anglo-US fund group, has slashed its interim dividend by 50% to 2.5p after agreeing to a settlement of $450m (€367m) fine with the US Securities and Exchange Commission for improper mutual fund trading. The move will save them £20.5m (€29.3m)

The interim dividend, which is its lowest since 1997, will be paid on October 15 to 15,000 shareholders holding 820 million shares on the register on September 24, 2004.