AEGON Asset Management, part of Dutch life insurer AEGON, recorded underlying earnings before tax of €23 million ($36 million) for the second quarter of the year, up by nearly 30 per cent from €18 million for the same period last year.

The earnings were still a fifth lower than in the first quarter of the year, when it logged pre-tax earnings of €29 million.

In the UK, the firm changed its name from AEGON Asset Management to Kames Capital last year, but it is still part of the AEGON group and included in the results.

In other highlights during the six-month period at AEGON Asset Management, the firm reached an agreement with KKR to sell its minority stake in Prisma Capital Partners, a provider of hedge fund solutions, while continuing to be invested in Prisma’s funds. The transaction is expected to close in the fourth quarter of 2012. Prisma’s contribution to underlying earnings was €5 million in the first half of 2012.

Across its division, AEGON recorded underlying earnings before tax of €443 million for the six months ended 30 June, up 10 per cent on 2011.