Profits at BlueBay Asset Management almost doubled in the second half of last year compared to a year earlier, as the specialist debt hedge fund eased concerns over credit market volatility in its first set of results since listing last November.

BlueBay said profits before tax grew 91% to £29.2m ($57m) in the six months to December, compared to the same period of 2005. Total fee income was up 66% at £56.6m.