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Edinburgh Fund Managers profits plunge

Edinburgh Fund Managers&#39 funds under management fell to £6.6bn from £7.3bn as profits plunged by 31 per cent.


Pre-tax profits have fallen to £11.7m from £16.9m as the fund manager was hit by the continuing turmoil in emerging markets


It was further hit by Bank of Scotland&#39s decision to switch 40 per cent of its £1.1bn fund to index tracking specialist Legal & General. EFM still manages the remaining £700m of the fund.


EFM also lost £300m worth of funds in the break-up of its Dunedin Worldwide Investment Trust.


Despite the results, EFM remains upbeat about its future and is committed to remaining independent and is extending its links with life offices in a bid to boost distribution channels.

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