BlueBay Asset Management, the specialist bond investor hit hard during the credit crunch, is already close to surpassing the total it earned in performance fees during its last financial year - after benefiting heavily from the improving credit markets.

The London-listed company's assets grew by 28% from $24.3bn to $31.1bn (€20.9bn) in the three months to September 30, according to an interim statement on what was the first quarter of its financial year, released this morning. Its assets are up 72% over six months and 55% more than a year earlier.