15th Jul 2015 08:00
LONDON (Alliance News) - Charlemagne Capital Ltd Wednesday reported a decline in assets under management in the first six months of 2015, a result of net outflows from each of its product ranges.
Assets under management fell to USD2.08 billion at the end of June, down from USD2.25 billion at the start of the year.
Net management fees for the six months fell to USD10.6 million, compared with USD13.4 million in the corresponding period of the prior year, as a result of lower average levels of assets under management. The company said the average level of assets under management during the six months was below what is needed to ensure "sustainable profits" on a recurring management fee basis.
"Market performance, growth in assets and the generation of performance fees during the second half of the year will again be significant factors in determining full-year profit levels," Charlemagne Capital said in a statement.
With growing assets under management its "primary" focus, Charlemagne said it is confident of attracting new business inflows in the short to medium term, reporting that a new Middle East and Africa mandate of EUR50 million is due to be funded at the end of July.
Shares in the company were down 7.4% at 11.35 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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