Aim-listed RAB said on Wednesday it had $5.4bn under management as of last week, down from $7.2bn at the start of the year, as inflows plunged, withdrawals doubled and the two largest funds recorded big losses.

The flagship $1.4bn Special Situations fund is down 32.8 per for this year, driven by the dire performance of its small-company investments. RAB Energy has also had a bad year, dropping by a quarter to mid-July.

Revenue at the listed RAB Capital dropped 24 per cent to £35.4m in the first six months of the year. A £8m cut in the bonus pool to £10.2m helped offset rising staff numbers, IT and legal costs from last yearâ??s expansion, but pre-tax profits fell 45 per cent to £12.5m.

An unchanged interim dividend of 0.6p will be paid from earnings per share of 1.7p (2.91p). The shares rose 3½p, to 42p, but have lost half their value this year.