Invesco UK, an investment management subsidiary of Amvescap, the US manager, is expected be to spared from the mass redundancy programme planned by its parent as part of a £100m (€97.7m) cost-cutting exercise.

Amvescap said on Thursday that it would be forced to axe more than 500 jobs following a sharp fall in third quarter profits this year. But a spokesperson told Financial News that Invesco was unlikely to be badly affected because of a cull earlier in the year.