Global fund manager Invesco has reported a 28 per cent drop in net profit for the year for its international businesses.
Net profit in 2008 was $763.7 million compared with $1.076 billion in 2007.
Operating income for the same period also declined by 25 per cent. Operating income for 2008 was $1.183 billion compared with $1.573 billion
Despite the fall in revenue, the Australian business will still continue to grow, Invesco chief executive Mick O'Brien said.
"The fall in revenue is just a product of the market. The fact that we are a pure funds management business has held us in good stead," O'Brien said.
The firm has plans to introduce a bank loans fund into Australia this year. The fund manages about $15 billion in funds under management.
"Given the current market conditions, many banks around the world are looking to sell off some of their assets. There is now a better market for bank loans," he said.
Invesco's local business is also looking to hire an institutional business development manager.
