Charlemagne Profit Drops, But Firm Sees Turnaround

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of