Fund Manager MAM Funds saw assets under management grow for the third quarter in a row and said the second half of the year had started well.

Assets under management reached £1.72bn at the end of June, up 3.5% from £1.67bn at the end of December.

The company added that figure had increased to £1.75bn by the end of August.

Adjusted profit before tax - a figure designed to show the underlying cash generation of the business - rose 5.3% to £2.0m.

Executive Chairman Ian Dighé said the firm had an encouraging start to the second half of this year.

"We have increasing confidence in the quality of our business and in our ability to grow the group," he said.

"Notwithstanding market conditions, we are trading in line with our expectations and are ready to step up the investment in and the trajectory of the business".

Shares rose almost 4% in morning trading on Monday after the announcement.

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