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CI sells its shares in U.K.'s Amvescap

CI Fund Management Inc. sold its shares in Amvescap PLC after dropping a hostile takeover bid for the U.K. money manager. CI posted a gain of about $22-million from selling 15 million shares of Amvescap, chief executive officer Bill Holland said in an interview. Most of the shares were sold in August, after Toronto-based CI withdrew a bid for Europe's largest publicly traded fund company. "We are not interested in Amvescap today," Mr. Holland said. "We are not pursuing them, nor will we again." CI is still seeking acquisitions to expand fund operations, he said. "The mutual fund business still suffers from enormous overcapacity." Within five years, the top six fund managers in Canada will have 90 per cent of the industry's assets, he said. "There will be fewer fund companies." CIX (TSX) rose 11 cents to $21.42. AVZ (LSE) fell 6.75 pence (9.5 cents) to £3.42. Bloomberg

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