BGI profits surge despite fall in mandates

Barclays' fund management staff generate higher profits than those at BarCap

Barclays Global Investors, the fund management arm of the UK's Barclays Bank, saw profits before tax surge by 32% to £714m (€1bn) last year, despite winning 25% fewer new mandates than in 2005.

In 2005 BGI recorded new business of £48bn, versus £36bn last year.

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