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."