CGNU's asset management arm, largely made up of its UK business Morley Fund Management, saw pre-tax profits rise to £24m (€39m) for the first six months of 2001.

The figure is £2m higher than last year's first half. According to one analyst, this was a good result, reflecting a firm on the front foot picking up assets from some of the more established names in the industry. Despite market falls, its assets under management rose from £104bn at December 31, 2000 to £106bn at June 30, 2001.