Invista Real Estate is developing a raft of new funds targeting Asia, Europe and the residential sector after delivering robust results in the face of a struggling UK property market. Financial Times

The property fund manager yesterday reported that pre-tax profit in the year to December 31 more than doubled to £48.6m (£22.5m) on a 65% increase in income to £74.6m in spite of assets under management dropping from £9.2bn to £8.7bn.

Duncan Owen, chief executive, said: 'Our fund management model enables us to grow revenue even in a stable or falling market.'