EDINBURGH Fund Managers' (Edinburgh's) fortunes have changed dramatically in the last 15 months.
Confirmation yesterday that its flagship Edinburgh Investment Trust's recovery is being sustained represents another important milestone on Edinburgh's road back to full health.
The investment house probably paid well over the score for Dunedin Fund Managers two years ago and then had to deal with the consequences of poor performances by many of the funds in the enlarged operation.
Though marketing is important, a fund manager stands or falls on investment performance and Edinburgh's was not good.
Its American Trust became a target for US arbitrageurs and the investment house lost over #800,000 of annual revenues when it was forced to convert to an index-tracker last spring.
The earlier liquidation of Edinburgh's #954m British Investment Trust, a move forced by the British Coal Pension Schemes' desire to off-load their 84.9% stake, had been even more of a body blow.
But the fortunes of Edinburgh, which has nearly #8000m under management, were turning by the time the continuation of Edinburgh Dragon Trust's life was approved in December.
Recent figures from Combined Actuarial Performance Services showed Edinburgh's pooled pension fund - a collection of corporate pension scheme money - in fifth place out of 66 over one year.
Edinburgh reported ''encouraging growth'' in new business at its annual meeting on Tuesday and chief executive Iain Watt indicated it was on track to bring in #555m of new funds this year.
Watt seems a lot less prickly than he was this time last year and it is hardly surprising.
There are far fewer clouds on Edinburgh's horizon.
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