Profits at the Thames River Capital business that was acquired by UK fund manager F&C Asset Management rose during the 12 months to March 31, according to recently-filed accounts, though total profits, which include the firm's interest in a hedge-funds arm that F&C is not buying, fell.

Operating profits at Thames River Capital (UK) Ltd., which comprises the fund management company purchased by F&C, rose by 14% to £15.1m during the period. According to its accounts, filed at the UK regulator Companies House, this was due to "improved market performance coupled with strong inflows, leading to a growth in assets under management."