Charlemagne Assets Drop 10%

Jul 9 2010 | 11:21am ET

Charlemagne Capital’s assets under management dropped more than 10% in the second quarter, as continued outflows and unfriendly markets conspired to put a dent in the firm’s recovery.

The London-based hedge fund said assets under management fell to US$2.8 billion at the end of June from US$3.14 billion at the end of March. But where strong performance helped offset outflows in the first quarter, poor performance accentuated them in the second.

Despite the “modest net outflows” and the big drop in AUM, Charlemange did manage to post a 1% increase in net management fees, which rose to US$10.4 million from US$8.4 million in the first half. The firm also said it would pay both an ordinary and special interim dividend for the first half.

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