MAM predicts higher profits than expected

MAM Funds says adjusted profits for 2010 will be higher than expected ahead of its annual results in late March.

The group, which was formed from Midas Capital after the merger of Midas Capital Partners and iimia MitonOptimal three years ago, says despite mixed performance it has reported net new business of £48m.

Assets under management rose from £1.51 billion to £1.68 billion, or an increase of 11%.