Ignis prepares hedge fund launches as restructure impacts profits

The group, the investment arm of parent Phoenix Group, reported operating profits had fallen from £46m in 2011 to £43m last year. Meanwhile AUM fell to £68.3bn at the end of the year, down around 5% from £72.1bn in 2011. Ignis - which announced a restructure of its shareholding in joint ventures including Argonaut at the end of 2011 - said a combination of the restructure of its joint ventures, and a run-off of assets in its multi-billion pound life book, had impacted profits in 2012. "Ignis' IFRS operating profit of £43 million was impacted by lower performance fees generated by o...