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Britannia Asset Management increases new business


Britannia Asset Management has posted a 36 per cent increase in pre-tax profits in 1998.


The fund manager, the fastest growing part of the Britannia Group of companies, saw pre-tax profits increase to £10m from £7.4m on the previous year.


BAM also increased its funds under management by £1,763m to £7,661m from £5,898m for the previous year, an increase of nearly 30 per cent.


Pension fund sales showed a dramatic increase of 125 per cent increase to £1,075m from £478m in 1997.


BAM&#39s managed pension fund received new business of over £620m, making it one of the largest pooled pension funds in the UK in terms of fund size.


Unit trust and Peps sales also grew by 38 per cent to £175m from £126.8m the previous year. This increased BAM&#39s overall market share for unit trusts and Peps by 0.9 per cent on 1997.

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