BlueBay Asset Management, a specialist credit investment manager, was the best-performing stock in the FTSE All Share index this morning as the market welcomed news it had increased assets by 18% and held profits steady through the credit crunch.

BlueBay's shares gained a fifth to 289p by 10:26 GMT following the release of the six-month results. The stock is closely held, with about 38% of the company owned by the two principal staff, Mark Poole and Hugh Willis, and other individuals.