Amvescap Considers Portia For LGT, Cost Cutting Will Drive Decision

PORTFOLIO MANAGEMENT

LONDON--Amvescap plc is considering extending the license for the Portia portfolio accounting system held by its AIM Advisors subsidiary, to LGT Asset Management, the Liechtenstein-based money manager Amvescap has announced it would acquire for $1.3 billion. The decision is being driven, at least in part, by Amvescap's desire to lower LGT's operating costs, which are higher than the industry average, according to securities analysts who follow publicly traded investment management companies.