Amvescap, the Anglo-American fund manager and one of the largest in the world with $208bn (€177bn) in assets under management, has proposed guidelines to discourage short-term trading activities in its AIM and Invesco mutual funds.

The guidelines, due to be introduced on March 1, 2004, come after Amvescap was subpoenaed after the probe into the mutual fund industry by the US Securities and Exchange Commission (SEC).