BlueBay assets rise 10% with investors back in credit

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The firm said assets under management rose 10% to $34.3 billion (£21 billion) in the last three months of 2009, boosted by net inflows of $3.1 billion.

Performance fees for the second quarter of the financial year hit £5.7 million, down from £14.4 million in the first quarter.

Investors flocked back into the credit markets at the end of last year to take advantage of higher returns in the aftermath of the global financial crisis.

BlueBay chief executive Hugh Willis said returns from credit markets will remain attractive in 2010 but will "normalise" after the recent boom. "We look forward to the new calendar year with optimism," he said. Analyst Sarah Ing, of Singer Capital Markets, said: "The overall level of assets under management at the end of December exceeded pretty much everybody's expectations."