Invesco, the Anglo-US fund management group formerly known as Amvescap, increased its profits by 34.5% to $509m (€377m) during the first half thanks to a 19% jump in fee income. Retail funds performed strongly, increasing the gap with its institutional business.

Assets under management hit a record $492bn, up 4% from the start of the year, due to $1.4bn of net inflows combined with $20.8bn in market appreciation.