UK-based F&C Asset Management’s assets under management (AuM) were £92.3 billion (US$140 billion) for the six months ended 30 June 2013, a 6% decrease compared to £98.2 billion (US$148.9 billion) for the same period last year.
The firm has reported a profit of £8.9 million, or £1.25 per diluted share, for the first half of 2013, compared to a loss of £4 million, or £1.17 per diluted share, for the corresponding period of 2012.
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F&C Asset Management’s underlying operating profit was £47.4 million for the first half of 2013, an increase of 47.2% compared to £32.2 million for the previous year period.
Year-to-date net revenue increased by 4.8% to £126.1 million, compared to £120.3 million for the first half of 2012.
Richard Wilson, CEO of F&C Asset Management, said: "These are solid results which demonstrate the significant progress being made in delivering the company’s strategic objectives. The 66% increase in our earnings per share, to 4.8p, was driven by a combination of increased revenue, together with the delivery of planned cost reductions.
"As a business F&C is now more competitive and more profitable and our strong investment performance will underpin delivery of continued revenue growth in our Consumer & Institutional business."
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