MAM Funds returns to black with £4.4m profit in 2010

MAM Funds has moved back into the black, reporting after-tax profit of £400,000 for 2010, compared to a £7m loss in 2009.

Pre-tax profit increased 39% to £4.4m for last year, compared with £3.1m in 2009. Funds under management also rose 11% to hit £1.7bn last year, versus £1.5bn in the previous year. MAM Funds has repaid its bank debt since the year end and the business has been freed of restrictive banking covenants. Chairman Ian Dighé says: "The business is now focused on its core fund management activities unencumbered by bank borrowings and covenants. During the year a number of key transactions were completed. "The group divested its wealth management and international fund management busines...