Wednesday, 31 August 2016
Last updated 18 hours ago
Sep 7 2010 | 10:01am ET
Hedge fund Charlemagne Capital reported lower first-half earnings on lower assets under management, but said that investors have begun to return to the firm over the past two months.
The London-based firm said its first-half operating profit dropped by 10% to US$1.17 million. Charlemagne blamed client outflows, which cut assets under management to US$2.8 billion at the end of June.
Since then, however, the firm has added more than US$200 million in assets and now manages US$3.04 billion, thanks both to inflows and improved performance. The firm said it has won commitments to its Occo Eastern European Fund that will bring that fund’s assets to US$300 million by the end of the year.
Despite the declines, management fees rose 24% year-on-year to $10.4 million. But that was more than offset by a 75% drop in performance fees to US$100 million.