Emerging market specialist boutique Somerset Capital Management saw profits fall by almost a quarter and assets under management (AUM) by a fifth in the 12 months to 31 March 2020, despite net inflows.
Somerset said revenues in the period fell to £34m in its full-year results, from £38.8m the year before, with profits slipping to £14.9m, from £19.5m in 2019. While the 12 month period saw net inflows to the firm's mandates of £33m, negative market moves due to the Covid-19 pandemic combined to push AUM down to £4.5bn at its year-end, compared to £5.6bn last year. However, the firm's AUM had almost fully recovered those losses, reaching £5.4bn by 31 July 2020. Inflows in 2020 as at 31 July added up to £310m. SJP replaces Janus Henderson with Somerset CM on EM fund CEO Dominic Johns...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
