Ignis Asset Management, the fund manager owned by the insurer Phoenix Group, took £900 million of net new money into its funds during the first half – more than established rivals such as Aberdeen Asset Management or Jupiter – but its profitability remained flat.

The firm said its money-market, property and absolute-return government bond funds had proved strong sellers in the first half of the year, helping Ignis to beat rivals such as Jupiter Asset Management, which reported £418 million of net inflows in the first half, and Aberdeen Asset Management, which took in £267 million.