Family Investments posts £3m profit

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The mutual organisation Family Investments saw its assets under management grow by nearly 45 per cent last year.

The Brighton-based group, which specialises in savings products for families, banked an operating profit of £3m while its membership rose to 1.75 million. As well as record sales of its child trust fund accounts, the company said the popularity of its ISAs also contributed to its growth.

"We have been through some challenging economic times, but despite this we remain in great shape," said John Reeve, chief executive of Family Investments.