F&C has reported strong revenue growth, despite litigation payouts and concerns over the macroeconomic outlook.
The group’s interim results show revenues increased 28 per cent to £137m for the first half of 2011 and also include a £10.3m payout to fund of hedge fund managers, François Barthelemy and Anthony Culligan.
F&C Alternative Investment (Holdings) lost its case against the founders of F&C Partners in July when it attempted to stop the pair from exercising options to sell a stake in an F&C business for almost £8m.
After suffering £0.3 billion in outflows last year, the group has recorded inflows of £0.8 billion for the first half of 2011. Onshore and offshore open ended funds brought in £0.6m.
Looking ahead, the group has expressed concerns over the financial stability of Europe and the US.
“Considerable uncertainties persist from the weak macroeconomic environment and concerns about sovereign debt in both Europe and the US” F&C said in a statement today.
“Across much of the developed world, growth has at best been anaemic while the emerging markets have been dogged by inflation, fuelled by spiralling food and commodity prices. This fragile economic backdrop has been reflected in volatile but lightly traded markets during the first half of 2011.”
Despite these concerns regarding Europe, the strengthening of the Euro versus Sterling has contributed to the group’s assets under management growing to £108.0 billion from £105.8 billion at the end of 2010.