BlueBay Asset Management, the fixed income manager that listed in London last November, achieved a 7% rise in assets and continued to accrue performance fees through the market turmoil in July and August thanks to its "conservative approach" to structured credit.

Reporting the group's results for the full year to the end of June, chief executive Hugh Willis said: "Against the background of a challenging credit environment, trading at BlueBay has been satisfactory in July and August."