SVM fights off tough market

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.