GING market equity manager Charlemagne Capital’s first-half pretax profit has more than halved, mainly due to a weak performance in North America and Europe, and the company said it expected management fees to be even lower in the second half.
Charlemagne, which manages mutual and hedge funds investing in Africa, Asia and Latin America, said emerging markets endured their worst month in August since 2008.
January-June pre-tax profit was $2.1m (£1.3m), compared with $4.9m a year ago, with worried clients withdrawing cash on concerns of a global economic slowdown. Assets under management stood at $3bn, compared with $2.8bn a year ago. Net management fees rose to $12.1m from $10.4m last year, driven by the growth in assets under management.