SVM fights off tough market

Published on Tuesday 13 May 2008 10:54

SVM Asset Management, the Edinburgh-based hedge and traditional fund boutique, has more than doubled profits in 2007, despite a tough stock market environment.

The firm, headed by high-profile investor Colin McLean, posted a strong performance after a number of new contract wins.

Pre-tax profit increased to 2.6 million in the year, from 1.2m in 2006. "On the retail side we brought in more than 110m (in inflows) and we had institutional wins," said Mr McLean.

"Eventually, performance is feeding through into new business.

"We haven't seen outflows, although certainly inflows are slowing a bit. It's been fairly good so far this year."

Over the year, assets under management rose to 749.3m from 582.9m at the end of 2006.