Ignis reports 38% first-half profit growth

Ignis Asset Management has seen 38% profit growth and an increase in its AUM to £69bn, according to its half-yearly results, released today.

Over the six months to 30 June, the firm reported IFRS operating profit of £22m, up 38% on the same period a year earlier, while assets swelled following £800m of new third party businesses. Meanwhile, £2.8bn of assets were brought in-house from a third party asset manager, the group says. The £69bn AUM represents a 3% increase from 31 December 2009. About £3.3bn of assets passively managed by third parties and transferred to Ignis in 2009 are now being managed by Ignis on an active basis. "Ignis remains focused on growing its third party franchise business with positive net inflow...