BlueBay Profit Marks a Rise, Shares Up

Fixed income fund house BlueBay Asset Management has reported its profits excluding tax to have registered a rise of over 183% in the year to end-June. The robust figures triggered its shares up as investors were witnessed to sought out its European and emerging market debt merchandize.

Shares in BlueBay were recorded to climb 3.3 % touching 331 pence by 9:09 a.m. UK time, off a high of 343 pence. The FTSE All Share index was witnessed to lower by 0.04%.

The rise consequently assisted in raising the dividend.

The Company reported its net inflows to have touched $10.2 billion (6.5 billlion Pounds) compared with $5.8 billion in 2009. In addition, its profits were in line with the analysts’ expectations, touching 49.7 million Pounds.

In addition, the Company has reported its assets under management to have marked a plunge touching $34.3 billion from $24.3 billion in 2009.

The Company’s core investment grade debt products is claimed to have attributed for a major proportion of the inflows. It stood at $8.6 billion for the current year.

“We believe BlueBay is an attractive play on the secular growth of active fixed income managers in Europe with a robust and expanding product offering”, Rupak Ghose, an analyst at Credit Suisse posted.