BlueBay Asset Management, a hedge fund manager that plans to float this year, has almost doubled revenue to £76m (€113m) following growth in credit market trading.

The group, chaired by former Credit Suisse chairman and chief executive Hans-Jörg Rudloff, derived its revenue for the year ended June 30 from management fees of £37m and performance fees of £39m, according to accounts published at Companies House. Last year, its management fee income was £16m and performance fees were £24m. The increase reflected asset growth and positive investment returns. Its largest expense was staff costs, which rose from £19m in 2005 to £35m. BlueBay's pre-tax profit rose from £15.4m to £30.3m. It distributed all but £7.8m of after-tax profits, trebling its dividends to almost £14m. It paid more than a third of these to co-founders Hugh Willis and Mark Poole. A third went to Barclays Bank and Shinsei Bank, long-term partners in the firm, and the rest was paid into an escrow account for selected employees.