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Ignis reports fall in profits and AUM amid restructure

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Ignis has reported a 6 per cent fall in operating profit for 2012 as the renegotiating of its joint venture deals and a run-off of its life company assets headlined “a year of significant change” at the asset manager.

The group reported an operating profits of £43m in 2012 compared to £46m in 2011, while assets under management fell 6.6 per cent from £70.7bn in 2011 to £66bn in 2012.

The asset manager says: “Operating profit was impacted by lower performance fees generated by one of the joint ventures managing life company assets, the restructuring of the former joint ventures and life company run off, partly offset by growth in third party business.”

Ignis has reported net new business of £1.6bn led by inflows into its liquidity, absolute return and real estate funds. Ignis has also revealed plans to bolster its fixed income offering with the launch of a hedge fund version of its Absolute Return Government Bond fund, which is managed by Stuart Thomson and Russ Oxley.

Ignis CEO Chris Samuel says: “Ignis has made considerable progress against its stated objectives in what was a year of significant change. The discontinuation of life company administration, the restructuring of Ignis’ former joint ventures and additional investment in people, infrastructure and technology has laid a solid platform upon which to facilitate future growth in each of the markets in which we operate.”

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