London-based Berry Asset Management increased funds under management by 74 per cent in 2007, its first full year of operations since the partners of Swiss private bank Bordier & Cie took a controlling interest. At the year end 2007, funds under management stood at £680 million, ($1,354 million) a 74 per cent improvement on the year end 2006. BAM said the funds were invested on behalf of 525 family groups. Equity investments represent about 65 per cent of funds under management, fixed interest a further 10 per cent, while alternatives plus cash account for the balance of 25 per cent. Managing director Jamie Berry told WealthBriefing: "Our growth has come from new clients principally - as 2007 was a year in which stockmarkets made little headway. We are continuing to grow in terms of staff numbers, and are actively seeking to recruit senior investment managers at present." So far as markets are concerned, BAM remains cautious about the outlook for various asset classes and believes that a relatively defensive stance is appropriate in the short term. "This means holding a generally higher commitment to cash than normal, which is how we are positioned in many portfolios," said Mr Berry. "This heightened period of uncertainty could easily persist for the first two quarters of 2008, but beyond that we are hopeful that markets can focus on the longer term growth that will come as a result of action currently being taken by central banks." Bordier, the Geneva private banking partnership, acquire a 45 per cent stake in BAM in 2001, which it then doubled in November 2006 to take a majority interest in the firm.