UK - Glasgow-based Britannic Asset Management's (BAM) saw first half profits slump to £8.8m, down £1.9m on the same period last year.
The investment wing of the financial services firm Britannic Group blamed the result on falling equity markets, but added that investment performance was now restored with two thirds of funds outperforming benchmarks.
Overall Britannic Group posted total operating profits of £79.9m, compared to £96.4m for 1H of 2000.
However, Britannic Retirement Solutions more than doubled its profits with a 1H figure of £7m, compared to £3.2m in the first half of 2000.
By Janet Du Chenne
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