The UK-based investment house reported an adjusted loss for the first half, while highlighting a recent surge in assets under management.

Gresham House suffered a loss of £1 million ($1.3 million) in the first half of 2016 despite more than tripling its revenues during this period to £1.7 million.

The loss, which compares to a £63,000 profit for the same period of last year, was attributed to investment to “facilitate future scaling” of group assets under management and profitability. Assets under management totalled £261 million at the end of June, though this figure has jumped to £359 million as at 31 August.

Over the last couple of months, Gresham has taken on the management of LMS Capital's £92 million asset portfolio, with LMS becoming a shareholder in the company. Last month, Gresham held the first closing of its Strategic Public Equity fund with commitments, including co-investment contributions, of £24 million.

The company is set to launch a forestry fund for family office, institutional and professional investors later this year.

“The focus remains on higher margin and alternative asset management product, which can also generate long-term performance fees. These asset classes continue to see increased allocation from pension funds, institutional investors, family offices and high net worth individuals,” Anthony Dalwood, chief executive of Gresham House, said in a statement on the London Stock Exchange.

“Opportunities for Gresham House to grow organically and through further acquisitions are evident.”