Intermediate’s plan to cash in on banks crisis

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The group said the banking crisis had "much improved" its opportunities but also made it less easy to raise borrowings to fund them. So it wants to increase the assets it manages largely by looking after other people's funds.

Of the 12 billion it manages some 9 billion is on behalf of third parties and that is the area it expects to grow.

It will continue to invest its money alongside others' but will split out the profits it makes from direct investment and fund management.

Tom Attwood is stepping down as chief executive to concentrate on looking after investors in the group's fund. He will be replaced by Christophe Evain who has built up the group's international business over the last 16 years.