MAM Funds back in black with £4.4m profit

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 internat...