The asset management arm of UK life group Britannic posted profits before tax of £4.4m(€6.4m) for the first half of this year, down 31% from the same period last year despite having £14.3bn of assets under management.

However the firm made a loss of £1.4m after tax and an exceptional write-off of £4.3m on its acquisition of Blairlogie Capital Management, its international operation which it bought in December 2001.