Toscafund, the £4bn multi-asset investment firm founded by Martin Hughes, enjoyed a healthy rise in profits in 2018 thanks to good performance for its investments.

Toscafund Asset Management reported a 14% gain in profits for the 12 months to December 31 2018, to £24m, according to its annual accounts filed at Companies House. Revenue climbed 3.7%, to nearly £36m, in 2018.