Profits at Resolution Asset Management, which is facing a lengthy integration period should its expected merger with another fund manager proceed, leapt 70% to £24m (€35m) in the first half of the year as it continued to grow its third-party business.

The fund manager said profits were driven by the acquisition and management of new life assets from Phoenix Life and Abbey National. The acquisitions were engineered by parent Resolution Life, an insurance group, in the last two years.