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Profits soar at investor ICG
INTERMEDIATE Capital was the biggest riser on the FTSE 350 index yesterday after it posted a five per cent jump in profit.
The firm, which specialises in providing mezzanine financing, posted fund management company profit before tax of £37.7m. Group profit before tax for the year to 31 March rose 31 per cent to £243.8m despite a year “dominated” by the European sovereign debt crisis.
Third party mezzanine assets under management were up seven per cent at €3.7bn (£2.99m).