Ignis reports flat profit growth for H1 as it unveils new products

Ignis Asset Management is preparing to expand its product range as it reports profits for the first half of the year were unchanged from H1 2012.

The group said it plans to launch a hedge fund version of its Absolute Return Government Bond fund, as well as an Absolute Return Emerging Market Debt fund later this year. In its results covering the six months to 30 June, the firm posted operating profit of £19m, unchanged from the same period last year. Ignis also generated £900m of net third party asset inflows, but total AUM fell to £66.9bn compared to £68.3bn the previous year. Ignis said this was due to the natural run-off of Phoenix Group closed life insurance business. Meanwhile, Ignis Asset Management’s parent company Pho...