Shore Capital, the London-listed investment firm, reported that its funds grew 10.3 per cent during 2005, reaching £675 million ($1.23 billi...

Shore Capital, the London-listed investment firm, reported that its funds grew 10.3 per cent during 2005, reaching £675 million ($1.23 billion). In its results statement Shore reported revenue of £27.6 million, an increase of 62 per cent on 2004's revenues of £17 million. Profits before tax increased almost 100 per cent at £12.7 million when compared with £6.5 million for 2004. Shore has launched four new funds during 2005 and in 2006 Puma Brandenburg, a German property fund, which will be deployed over the next 2-3 years in suburban residential apartment blocks and some retail activity. This has brought funds to $1.5 billion at the beginning of March 2006. Graham Shore, managing director, Shore Capital, told WealthBriefing: "Since the end of 2005 funds under management have continued to grow from $1.23 billion to $1.5 billion. The growth has been largely due to the Puma Brandenburg fund which raised £185 million in new capital." Shore's Puma Absolute Returns fund of hedge funds recorded performance of 10.4 per cent over 2005, placing it in the top quartile in terms of hedge fund performance. Shore also annouced the appointed of Stuart MacDonald as director of hedge funds. He joined from Henderson Global Investors where he was director of a £2 billion single manager hedge fund. Shore said its model portfolios, which are measured against relevant benchmarks, showed strong performance: the balanced portfolio outperformed its benchmark by 5.3 per cent from launch to 31 December 2005. The firm's growth portfolio outperformed its benchmark by 10.4 per cent over almost the same four year period to 2005. Shore also launched a number of Puma venture capital trusts during 2005, taking advantage of 40 per cent tax relief and raising £20.3 million since launch at end of January to close at end of May.