In a conference call with analysts and investors today, new Amvescap Inc. CEO, Martin Flanagan today reiterated that his firm is not interested in a takeover by CI Fund Management Inc.

In his first conference call after just two days on the job, Flanagan indicated that it has responded to CI’s approach, and he refused to say more about any specific takeover offers.

However Flanagan doesn’t sound like a man that wants to sell. He noted that he spent 22 years at his last firm (Franklin Resources) and he intends to spend 22 years at Amvescap, suggesting he doesn’t view this new posting as a short-term assignment to sell the business.

CI has indicated that it would like to get its hands on Amvescap’s very profitable Canadian operations. The AIM Canada group reported revenues of £95.4 million and operating profit of £50.9 million in the latest quarter ended June 30.

The acquisitive CI has specifically sought Amvescap’s Canadian business, but it also proposed buying the whole firm. That offer has been rejected by Amvescap’s board back in early July. Yesterday it was reported that CI has engaged Fenchurch Advisory Partners as an advisor and may contemplate a second bid for the money manager. So far, Amvescap reports that it has yet to receive a second bid.

Nevertheless, Flanagan insisted that Amvescap shareholders will do better in the long run by allowing current management to turnaround the business rather than by taking a short-term buyout offer. He indicated that he plans a comprehensive strategic review of Amvescap’s businesses; with a view to expanding the ones that are working well and improving the underperformers. He said that he’s dedicated to improving profitability at the firm by both capitalizing on its asset management strengths to grow revenues and cutting costs in certain areas.

Amvescap announced pre-tax profit for the six months ended June 30, totaled £119.3 million, compared with £138.1 million for the first six months of 2004. Operating profit for the six months was £141.2 million, compared with £147.8 million for the first six months of 2004. Revenues were up slightly year over year to £581.5 million in the first half of 2005, compared with £577.1 million.

“We have had good profit growth in our Canadian, U.S. institutional and U.K. businesses, in the first half of 2005. These results have been offset by weakness in the U.S. mutual fund business,” noted chairman Charles Brady. “Amvescap remains focused on improving investment performance and maintaining the highest standards of client service.”

Brady added, “With the appointment of Marty Flanagan as chief executive officer, Amvescap has the right leadership, resources and people to take advantage of the significant industry opportunities available globally for an independent company focused solely on investment management.”

Pre-tax profit before tax for the three months ended June 30, amounted to £60.3 million pounds compared with £64.5 million in the 2004 second quarter. Revenues for the three months came in at £295.5 million compared with £288.8 million from the prior year’s quarter.