MAM Funds has moved back into the black, reporting after-tax profit of £400,000 for 2010, compared to a £7m loss in 2009.
Pre-tax profit increased 39% to £4.4m for last year at the multi-asset fund group, compared with £3.1m in 2009.
Funds under management also rose 11% to hit £1.7bn last year, versus £1.5bn in the previous year.
MAM Funds has repaid its bank debt since the year end and the business has been freed of restrictive banking covenants.
Chairman Ian Dighé says: "The business is now focused on its core fund management activities unencumbered by bank borrowings and covenants. During the year a number of key transactions were completed.
"The group divested its wealth management and international fund management businesses and completed a capital reconstruction, creating additional distributable reserves and permitting the redemption of further preference share capital.
"The appointments of Gervais Williams, managing director, and Graham Hooper, distribution director, significantly strengthen the group's leadership.
"We announced on 3 March, our intention to list the Diverse Income trust that will be managed by Gervais Williams, and the listing on the London Stock Exchange is expected during the week commencing 19 April, marking an important step in the next stage of MAM's development."
This morning the group also announced it is expanding its sales force with the appointment of Neil Bridge from Schroders as head of business development and Gartmore's Mark Harper as head of marketing.
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