Sunday, 24 July 2016
Last updated 2 days ago
Jul 23 2007 | 2:01pm ET
London hedge fund manager RAB Capital continues to post impressive profit growth as it opens its first office outside of Britain’s capital.
RAB said today that its first-half profits rose 58% to £22.7 million, buoyed by a 69% spike in assets under management, which now stand at US$6.7 billion. The firm gave shareholders something else to be happy about: a 140% increase in their interim dividend.
“It’s a good set of results that shows RAB Capital has managed to maintain an attractive and steady rate of growth, which is profitable, in all areas of activity,” CEO Philip Richards told reporters.
Richards added the firm is planning a push for more clients in Asia, opening an office in Hong Kong. The new office will house investment management and advisory operations for both RAB and Pi Investment Management, the Hong Kong-based hedge fund RAB bought last month.
“The growth of the world is being driven by China,” Richards said. “It’s our first foreign office and it’s not in the U.S. That tells a story.”
Growth for the firm may not be limited to Pi and Hong Kong: Richards said RAB may buy another firm sometime this year, and is considering the launch of another listed hedge fund vehicle.