BHF Kleinwort Benson ignores Fosun with swing back to profit

Michael Bow
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WEALTH manager BHF Kleinwort Benson failed to address a potential takeover by Chinese group Fosun yesterday, as it revealed a turnaround in profits for the half year.

The company, which owns blue-blooded banking brand Kleinwort Benson, made an €8m (£5.8m) operating profit for the six months to 30 June, reversing a €16m loss reported last June

But it skipped over an approach by Fosun, made to Belgian regulators last month, which received a chilly response at the time.

Fosun owns nearly 20 per cent of the group. BHF has formed a special sub-committee to review the offer.

But chief executive Leonhard Fischer focused on the task at hand yesterday, lauding the “significant progress” the company had made.

A 14 per cent rise in fee income and a boost in assets under management – adding an additional €4.2bn which took its assets under management to €58.5bn – helped drive a swing back into the black.

Operating income rose 11 per cent compared to the same time last year, up to €191.3m. Shares are up 41 per cent so far this year.