Barclays Global Investors (BGI), the asset management business owned by the UK bank, has boosted its half-yearly pre-tax profits by 52% to £91m (€129m), thanks to an 18% increase in assets under management and cost cutting.

Despite tough market conditions BGI increased its total assets under management by £81bn to £543bn, including £34bn in net new assets over the first six months. It sliced £9m off its operating costs, a decrease of 4% compared to the first six months of last year.