SIMON BAIN
Artemis Investment Management saw profit available to its partners jump by almost a third last year from £31.3m to £40.7m, more than double their 2012 level of £18m.
That amounted to an average £1.27m for the 32 members of the boutique based in London and Edinburgh, compared with £1.08m the previous year and £636,000 in 2012, according to its latest accounts posted at Companies House.
US-based Affiliated Managers Group, which has a controlling interest in the limited partnership, reaped a £50m share of the group’s net profits.
AFM has now pocketed over £160m since doing the 2010 deal in which it was said to have put up around £125m for its stake.
The group continued to record a stellar level of profitability, with turnover rising by 20 per cent to £138m and profit, before members’ remuneration and profit shares, up by 23 per cent to £102.5m.
Assets under management rose by £3bn to £20.3bn and are now up by one-third over two years. The group has attracted inflows into existing funds and new strategies in recent years, and from having no Citywire-rated managers in 2010, it had 11 rated managers in The Herald’s most recent table of three-year performance in investment houses with a significant Scottish presence.
They included two managers in the top seven places, Jacob de Tusch-Lec, manager of its global income fund, and Peter Saacke who runs European and global growth funds. Its star fund Artemis Income, whilst not performing particularly strongly, has risen from £5.9bn two years ago to £7.1bn.
An Artemis spokesman said the group now employed 163, including 45 in the Edinburgh office.
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