MPC Capital AG, a German closed-funds manager, said third-quarter profit declined 50 percent as it sold fewer products to investors.
Net income fell to 7.83 million euros ($11.3 million) from 15.8 million euros, the Hamburg-based company said in an e-mailed statement today. Sales dropped 25 percent as it attracted less money from investors for its funds and as property sales from last year weren't repeated.
MPC is reorganizing its business to market more products to institutional investors. The company, which specializes in shipping funds, is increasing its non-maritime products and plans to invest in property in India and in an oil-exploration platform in Brazil.
The fund manager today forecast a ``significant'' increase in the amount of money it will attract in the fourth quarter. It raised 8 percent less for its funds in the first nine months of 2007, compared with last year.
MPC, which said it expects no ``significant effects'' from rising U.S. subprime mortgage defaults, also forecast net income of as much as least 45 million euros for the year.
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