The company was quick to point out that it did not expect to see its private equity investments to show such profits for the second half of the year, suggesting that the contribution of nearly 40 per cent of the group's profits had left management wary of sustaining such performance.
In a prepared statement the fund manager said only that profits of the core asset management business would depend on stock market levels and on investment performance.
The company reported a 41 per cent increase in pre-tax profits to £129.5 million from continuing operations for the half year [1999: £92 million]. Asset management profit was up by 7 per cent to £82.5 million [1999: £77.1 million] and funds under management were up slightly from £142.6 billion to £143.6 billion. The interim dividend was maintained at 5.5p.