£100m drop in Phoenix takings

CLOSED life fund operator Phoenix saw its profits plunge by more than £100m in the first half of 2011, as a poor performance in its asset management arm Ignis dragged down numbers.

Pre-tax profits at the group fell to £94m from £196m in the same period last year, but it maintained it was confident of hitting full year targets.

Phoenix attributed the fall in profits at Ignis – from £22m last year to £18m – to spending on business development.

Its assets under management were £67.bn at the end of June.