14th Jul 2016 08:14
LONDON (Alliance News) - Emerging markets fund manager Charlemagne Capital Ltd on Thursday said its assets under management grew in the first half, benefiting from both a good investment performance and net inflows.
Charlemagne said assets under management at the end of June totalled USD2.09 billion, up from USD1.90 billion at the start of January. Of the rise, USD134.0 million was contributed by the performance of its funds, with USD54.0 million coming from net inflows.
Charlemagne said emerging markets closed the half higher after falls seen in the first two months of 2016 were offset by gains made over the balance of the period.
The firm said the Brexit vote had been a "sting in the tail" for developed markets at the end of the half, but said emerging markets had been leading the way before this. It said countries such as Brazil and Russia are beginning to show signs of emerging from the economic slumps which have gripped them of late, whilst at the same time growth in developed markets such as Japan and the UK is slowing.
Charlemagne said the economic impact of Brexit on emerging markets should be "modest", barring the "remote event that globalisation is comprehensively reversed or there are other geopolitical shocks to the global economy".
Charlemagne shares were down 4.3% to 8.61 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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