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Ignis reports fall in profits and AUM amid restructure

Ignis-Interior-480

Ignis has reported a 6 per cent fall in operating profit which reached £43m in 2012, down from £46m in 2011.

The asset manager says this is largely due to the renegotiation of its joint venture deals and run-off of its life company assets via parent company Phoenix.

During 2012, Ignis terminated its joint venture status with European equities firm Argonaut and fixed income provider Castle Hill, having reduced its interest in both businesses.

The firm’s full year results, published last week, show assets under management fell 6.6 per cent from £70.7bn in 2011 to £66bn in 2012.

Ignis 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 chief executive 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.”

Concept Financial Planning managing director Paul Richardson says: “As we come into a more transparent world joint ventures are harder to make money from and that is affecting fund management firms’ profits.”

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