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Charlemagne sees fortunes rise
Emerging markets equity manager Charlemagne Capital has seen a 14.1 per cent increase in assets under management (AUM) to $3.5bn (£2.3bn). The rise comes as investors rallied to pour money into mutual and hedge funds to tap growth in developing markets. Revenues at the firm grew to $28.3m, up 18.9 per cent on 2009, leaving Charlemagne holding cash balances of $24m last year. For the 12 months ending 31 December 2010, Charlemagne saw net management fees increase to 422.1m, an increase of 16.8 per cent and net performance fees up to $6.1m, an increase of 45.2 per cent. Charlemagne said it expected further inflows this year as the consensus among investors for emerging markets remains positive.