Friday, 31 July 2015
Last updated 20 min ago
Jul 19 2010 | 12:05pm ET
London hedge fund BlueBay Asset Management said its fiscal fourth quarter would disappoint after its assets under management dropped more than 7% over the last three months.
The firm said its assets dropped 7.2% to US$34.4 billion at the end of June. BlueBay did see continued net inflows, but they totaled just US$300 million—a small fraction of the US$3 billion the firm had averaged in the last four quarters. BlueBay blamed its asset drop on the euro’s decline against the U.S. dollar.
“Raised levels of market volatility and reduced investor risk appetite made the final quarter of the financial year a more challenging one than its predecessors,” CEO Hugh Willis said.
Despite the poor showing BlueBay said it was confident about the current fiscal year, which started this month. As for the fiscal year that just ended, BlueBay predicted pre-tax profits of about £50 million, nearly triple its fiscal 2009 profit, although that year included the dismal end of calendar year 2008.
May 27 2015 | 2:15pm ET
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