18th Mar 2014 11:11
LONDON (Alliance News) - Emerging markets-focused asset manager Charlemagne Capital Ltd Tuesday reported an increase in annual pretax profit and assets management after it managed to stave off concerns about emerging markets.
The assets under Charlemagne's management grew to USD2.73 billion in 2013 from USD2.63 billion in 2012.
Pretax profit grew to USD9.5 million from USD5.1 million.
"Despite a challenging year with emerging markets continuing to underperform developed markets, our bottom up, quality driven strategy has allowed us to identify good investment opportunities enabling us to outperform our relative benchmarks. In particular, our emerging market equity income and growth strategy has achieved top decile performance over one and three years and six of our Magna sub funds have delivered top quartile performance," Jayne Sutcliffe, Chief Executive, said in a statement.
"We have seen encouraging flows into the Magna funds, notably in the Global Emerging Markets funds, and into Eastern European and Frontiers strategies. With strong underlying performance, we believe we are well positioned to benefit from renewed inflows into emerging markets funds," Sutcliffe said.
"While the short term outlook is challenging, valuations are reasonable and we have confidence that emerging market economies will continue to generate moderate and sustainable growth opportunities going forward," Sutcliffe said.
Charlemagne Capital shares were Tuesday quoted at 19.00 pence, flat.
By Samuel Agini; [email protected]; @samuelagini
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