City File: Perpetual

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PERPETUAL, the unit trust manager run by Martin Arbib, seems to be racing up both the performance and the new business league tables.

A couple of years ago it had just pounds 400m of funds under management. Six months ago it had pounds 800m and the figure is now believed to be more than pounds 1.2bn and growing at nearly pounds 100m a month.

Fund managers' profits grow exponentially with new business, so market estimates of pounds 6.6m profits for the year to September could wildly underestimate Perpetual's prospects.

The shares rose a further 8p to 325p on Friday, but there is more to go for.