City File: Invesco

INVESCO is a company that needs to provide reassurance to the market. However, the management team of Charles Brady and Norman Riddell has many fans in the City and should show a recovery in Invesco's half-year profits from pounds 0.9m to more than pounds 20m.

The only cloud may be some further cost-cutting in the group's European businesses, and the loss of a couple of large pension fund accounts. But the strength of the US side, the buoyancy of the markets and the favourable currencies all work in its favour.

At 191p the shares trade at 16.5 times earnings, assuming the group makes pounds 45m this year. They look cheap.