HHG, the UK fund manager and insurer, reported a pre-tax profit £46m ($83m) for the six months to June following a loss last year of £902m.

The interim figures are the first for the firm since it was de-merged from the Australian insurer AMP last December. The move to profitability was helped by a rise in fee income and management fees across the board in US mutual funds, pension funds, private equity and property.