CI Fund Management Inc. has dropped plans for a hostile bid for UK fund manager Amvescap plc.

After markets closed Wednesday, CI said that it cannot develop a proposal for a transaction with Amvescap at this point in time “without the full cooperation of Amvescap and given its recent performance which was highlighted in the interim results.”

Earlier in the day, Amvescap reported that its profit fell 7% in the second quarter.

CI says it remains disappointed at the continuing refusal of Amvescap and its advisors to discuss the merits of such a transaction, which CI says would benefit Amvescap’s shareholders, clients and staff.

CI Financial also announced that “it would be unlikely to be an investor in Amvescap except in circumstances where it was considering a possible transaction and that it and its associates may accordingly exercise their immediate right to dispose of shares of Amvescap without further notice.”

Amvescap is the parent company of AIM Funds Management Inc., which manages the AIM Trimark family of mutual funds.