Charlemagne hit by turmoil

EMERGING market equity manager Charlemagne Capital posted a lower full-year profit as rough market conditions and concerns over Eurozone debt hurt demand, and said it expected markets to remain volatile.

It said fees generated in the second half of 2011 were 13 per cent lower than the first half. Pre-tax profit for 2011 fell to $6.1m (£3.8m) from $10.4m in 2010, while assets under management fell by a third to $2.33bn.