Profits at Brevan Howard, one of Europe's largest hedge fund managers, rose 12% last year to £218m (€276m) thanks to a jump in performance fees. The manager's flagship global macro fund made about 11% during 2006, according to investors, and has performed better since.

The accounts, filed at Companies House yesterday, cover the 12 months to the end of July last year. Performance fees are typically charged on the previous calendar year's returns.