Thames River Acquisition Boosts F&C

Aug 3 2011 | 10:49am ET

F&C Asset Management posted a 54% increase in profits, thanks in no small part to its purchase last year of hedge fund Thames River Capital.

The London-based firm said it earned £22.6 million in pre-tax profits in the first half, up from £14.6 million in the year-ago period. But analysts had expected an even bigger jump of nearly 80%.

And despite increases in net revenue—up 28%, to £137 million—and assets under management—up 13.3% to £108 billion—CEO Alain Grisay struck a rather down note in a conference call with reporters, warning that the second half might disappoint.

"The markets are incredibly difficult," he said. "We are, as you know, as close to 2008 as is possible."

"We are seeing some of the worrying signs we saw in 2008, which are namely a crisis of confidence in the markets, a de-risking of clients and very specifically a drying of liquidity in the markets."


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.