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Martin Currie sees funds under management slide 37%

Martin Currie has announced a 37 per cent fall in funds under management despite recording a rise in profits before tax in 2008.

The firm’s asset under management fell to £9.9bn at December 31, 2008, falling from £15.7bn at the start of the year.

The news comes despite the Edinburgh firm unveiling a 27 per cent rise in profit on ordinary activities before tax. Profit rose 10 per cent on ordinary activities before tax and after exceptional items, which the group says was due to corporate restructure.

Turnover from the firm fell by 16 per cent in 2008 from £103.9m to £87.3m, while the group says it has reduced costs by 24 per cent.

Martin Currie chairman Malcolm Gourlay says: “Without question 2008 was a hugely challenging year for all investors.

“Despite this our financial results are good with our profits growing to £33.6 million. Although our revenue fell due to the bear market conditions we managed our cost base effectively, reducing year-on-year costs by 24 per cent.”

“We are in excellent financial shape with our surplus regulatory capital at 470 per cent. This will enable us to both meet future challenges and to take advantage of the opportunities created. This strength also underpins our long term independence and employee owned business model.”

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