8th Apr 2014 11:04
LONDON (Alliance News) - Charlemagne Capital Ltd Tuesday said the assets it manages declined in the first quarter, as increases in its Magna and Specialist product ranges were more than offset by declines in its OCCO and Institutional product ranges.
In a statement, Charlemagne Capital said assets under management declined to USD2.58 billion at the end of March, from USD2.73 billion on the first day of January.
The institutional product range was the main reason for the decline, falling by 13% as a result of negative net subscriptions and negative net performance. The Magna product range was up 8.0%, driven by USD51.0 million in net subscriptions, which outweighed USD6.0 million in downward pressure from performance.
Across the product ranges, negative net subscriptions amounted to USD50.0 million, while net performance wiped USD101.0 million from assets under management.
Charlemagne Capital shares were Tuesday quoted at 18.00 pence, flat.
By Samuel Agini; [email protected]; @samuelagini
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