Thames River Profit Up 44%

Aug 22 2008 | 9:09am ET

London hedge fund manager Thames River Capital boosted profits by almost half in the year ended last March, according to firm filings.

In the 12 months through March 2007, Thames River posted £113.7 million (US$212.3 million) in profit, up 44% from the 15-month period ending March 2006, when it earned £79.5 million (US$148.5 million), according to accounts filed at London’s Companies House. The hedge fund saw a nearly identical increase—43.5%—in fees, which rose from £90.4 million (US$168.8 million) to £129.7 million (US$242.2 million).

The rise in fees was powered by strong performance from some of firm’s longest-established funds, including the US$1.2 billion Hillside Apex Fund, which returned about 12%, and the Nevsky Fund—now part of affiliate Nevsky Capital—which rose 30%.

And if last year’s performance figures are anything to go on, the year ended March 2008 should be a pretty good one, too. Hillside Apex returned 10.3% last year and is down just 0.7% this year. Nevsky returned 29.8% last year, but is down 2.8% this year.

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