Savoy Asset Management, the UK-listed fund management company 25% owned by members of the Kuwait royal family, has returned to pre-tax profit before exceptional costs and plans to place a priority on hiring more investment managers.

Savoy, which advises private clients, made a pre-tax profit of £244,000 in the year to March 2004 before exceptional items, against a loss of £313,000 in the previous twelve months. Brokers Charles Stanley believe it is capable of making £650,000 in 2004-5, following its hiring of a team of ten fund managers and brokers last year.