Funds under management grew by 54 per cent to over $3 billion at the end of December 2007 at London-listed independent investment banking and fund management group Shore Capital, but revenue was down to £38.8 million from £42.1 million in 2006, a decrease of 7.8 per cent. Operating profit of £13.8 million was down 30.7 per cent. “Market conditions in the year to date have been even more challenging than the second half of 2007, in particular for primary activity, and it is difficult to predict when this is likely to change. The diversity of the Group’s income streams and in particular the continued growth of asset management income and secondary commission mitigate the more testing environment for other parts of the business,” said Howard Shore, chairman.