- Argo Group's pre-tax profits rose to $5.1m in the six months to the end of June - up from $4.9m last time.

Revenues increased to $6.3m from $4.0m but operating profit of $3.3m was down from $3.8m a year ago.

Chief executive Kyriakos Rialas said: "The results of AGL's first six months are a reflection of strong subscriptions and performance in the emerging markets.

"Investors continue to seek yield in a consistently low global interest rate regime despite recent tapering noise from ECB and interest rate increases by the FED.

"AGL's results include a significant element of performance fees from the workout of one of the distressed assets.

"Continuous investor interest in the Argo Fund is expected to materialise into more sizeable subscriptions in the second half of the year."

At 9:10am: [LON:ARGO] Argo Group Ltd share price was 0p at 14.75p

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