Rising markets lift Charlemagne

4th Mar 2011 07:35

A good second half investment performance offset a small funds outflow last year at emerging markets fund manager Charlemagne.Assets under management at the end of 2010 were $3.48bn, up 14.1% over the prior year (2009: US$3.05bn) with net redemptions of $64m across all segments. "The second half of the year has seen net inflows into the Magna mutual fund range, almost making up for earlier net redemptions," Charlemagne said. At end of February this year, managed funds totalled $3.37bn.Profits in 2010 rose to $10.4m from $6.9m, including a sharp rise in one-off performance fees to $3.8m. Management fees rose by 19% to $22m."The fundamental case for emerging markets is still compelling and we believe that the Company is well positioned to benefit from strong investor flows," chief executive Jayne Sutcliffe said.