New Star Asset Management, the UK fund manager which is preparing to float this autumn, trebled its total assets last year to £5.9bn (€8.7bn) from £1.9bn, as it reported its first ever profit in 2003.

Operating profit for the full year 2003 was £10.6m compared to a loss of £9.2m the previous year. The turnaround of the business, founded by John Duffield in 2001, will give a boost to the price-tag of New Star's IPO later this year.