Ignis Asset Management is preparing to expand its product range as it reports profits for the first half of the year were unchanged from H1 2012.
The group said it plans to launch a hedge fund version of its Absolute Return Government Bond fund, as well as an Absolute Return Emerging Market Debt fund later this year.
In its results covering the six months to 30 June, the firm posted operating profit of £19m, unchanged from the same period last year.
Ignis also generated £900m of net third party asset inflows, but total AUM fell to £66.9bn compared to £68.3bn the previous year. Ignis said this was due to the natural run-off of Phoenix Group closed life insurance business.
Meanwhile, Ignis Asset Management’s parent company Phoenix Group reported IFRS operating profit of £186m in H1 2013, a fall from the £217m seen in H1 2012.
The closed life fund consolidator reported total group assets under management fell from £68.6bn to of £67.1bn over the six months to 30 June 2013.
It also posted £416m of cash generation in the first half of the year, compared to £119m in the first half of 2012, and a 27% increase in its interim dividend to 26.7p per share.
Ignis CEO Chris Samuel said: "This represents a stable set of results and reflects continued progress in the implementation of our plans for the business in particular to grow our third party franchise.
“In 2009, Ignis set about implementing a new strategy which included growing its third party franchise. I am pleased to say the business has made good progress over this period as third party assets, excluding former joint venture assets, have more than doubled and some 30% of management fees now come from clients outside of Phoenix Group.
“The progress we have made provides a firm foundation upon which to continue implementing our plans for future growth. One aspect of this will be to broaden our product offerings.
"We plan to add to our range of absolute return funds by launching a hedge fund version of the Ignis Absolute Return Government Bond fund, targeted primarily at more sophisticated institutional investors, and an Absolute Return Emerging Market Debt fund. Both funds are due to launch to third party investors later this year.”
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