Amvescap Inc. reported that it earned a profit of £42.5 million for the third quarter, up from a £148 million loss in the quarter a year ago.

Pre-tax profit for the three months ended Sept. 30, amounted to £67.6 million, compared with £44.9 million in the 2004 third quarter. Revenues are up to £302.7 million, compared with £280.9 million for the prior year’s third quarter.

For the nine months ended Sept. 30, it managed a profit of £186.9 million, compared with a loss of £46.2 million for the same period in 2004. The 2004 results included a charge of £229.2 million, representing the United States regulatory settlement.

“My short time at Amvescap has confirmed that we have the range of products, global scale and most importantly, dedicated professional team necessary to succeed as one of the premier global asset managers,” Amvescap’s new president and CEO, Martin Flanagan, said in a release.

“We are working to eliminate any barriers that may have limited our ability to leverage the full power of our organization, and I am confident that we will unlock Amvescap’s tremendous potential for our clients and shareholders.”

Funds under management totalled US$380.5 billion at Sept. 30, compared with US$382.1 billion at Dec. 31, 2004.

Average funds under management amounted to US$376.1 billion for the nine months ended Sept. 30, compared with US$371.0 billion for the same period in 2004.

For the quarter, average funds under management were US$378.1 billion, compared with US$372.7 billion for the preceding quarter and US$364.0 billion for the third quarter of 2004.

Amvescap intends to change its presentation currency from pounds sterling to U.S. dollars in December and will begin reporting results in U.S. dollars with the release of its fourth quarter results and the 2005 annual report.

Amvescap is global investment manager pperating under the AIM, INVESCO, AIM Trimark, INVESCO Perpetual and Atlantic Trust brands.