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Bluebay profits decline as investors shun hedge funds strategies

UK asset manager Bluebay, whose shares have been the best performing in its asset class since the markets turned positive in March, reported a halving in profits over the 12 months to the end of June. Although the profits were in line with analysts' expectations, its share price dipped in early trading today after it announced a share placement.

According to Bluebay's latest annual results, the company's total assets under management increased from $21bn (€14bn) to $24.3bn over the period, as investors placed substantial assets in the company's long-only funds. However, total fee income declined from £115m (€128m) to £101m, as the money flowing into lower margin long-only strategies failed to offset the impact of the decline in higher margin long/short assets.

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