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UPDATE 1-Charlemagne Capital posts lower full-year profit
March 20, 2012 / 7:47 AM / 6 years ago

UPDATE 1-Charlemagne Capital posts lower full-year profit

* FY pretax profit $6.1 mln vs $10.4 mln in 2010

* Assets under management falls 33 pct to $2.33 bln

March 20 (Reuters) - Emerging market equity manager Charlemagne Capital posted a lower full-year profit as rough market conditions and concerns over government debt in the eurozone hurt demand, and said it expected markets to remain volatile for some time.

Charlemagne, which manages mutual funds and hedge funds investing in Africa, Asia and Latin America, said fees generated in the second half of 2011 were 13 percent lower than the first half.

The company said management fee revenue was likely to continue falling into 2012.

Pretax profit for 2011 fell to $6.1 million from $10.4 million in 2010, while assets under management fell by a third to $2.33 billion.

Charlemagne also announced an interim dividend of 0.6 cents a share, to be paid on April 27.

The company, whose first-half pretax profit had more than halved due to a weak performance in North America and Europe, had warned of lower management fees in the second half of the year.

Charlemagne’s shares, which have lost about 19 percent of their value since September when the company warned of lower management fees, closed at 13.125 pence on Monday on the London Stock Exchange.

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