Tuesday, 30 August 2016
Last updated 1 hour ago
Sep 30 2011 | 10:48am ET
Rubicon Fund Management posted a 50% jump in its fee income last year, a feat unlikely to repeated this year after the London-based firm's assets under management fell by more than US$1 billion.
Rubicon took in £39 million in fee income in 2010, it said in a regulatory filing. In 2009, the firm earned £26 million from fees.
The higher income is in large part the result of Rubicon's 14% returns last year. But its management fee income will fall dramatically this year, as Rubicon's assets have fallen from US$1.65 billion to US$490 million, Financial News reports. Investors headed for the doors after top fund managers Santiago Alarco and Tim Attias left the firm to found their own; Rubicon is now suing them and their new firm, Sata Partners.
Despite the big jump in fee income, Rubicon's profits to be divided among its partners rose only slightly to £24 million from £23.6 million.