F&C chief executive Richard Wilson said the fund manager is starting to look to the “inflection point” where net inflows from third party institutional clients offset outflows from the firm’s strategic investor clients, after an “encouraging” first half of the year.

The firm reported a nearly 70% year-on-year increase in underlying pre-tax profits in the first half of the year as a result of higher revenues and cost cutting. Underlying pre-tax profits rose to £37.3 million in the six months to the end of June, up from £22.1 million during the same time last year.