TURNOVER at Edinburgh fund manager Artemis Investment Management rose by 16 per cent in the year to December 2015 while profits at the firm rose by 19 per cent, writes Margaret Taylor.
Income for the year was £160 million, up from £138m, and profits before members’ remuneration was £117m, up from £99m. Of the £117m, £55.5m went to the fund management house’s parent company, Artemis Strategic Asset Management, with the remaining £61.5m available for distribution among the firm’s 32 partners.
That would equate to an average profit share for the year of £1.9m, although the firm’s accounts noted that £14.5m of the total profit was for discretionary division and that at the year-end “there was no agreed allocation” of that.
Assets under management at the firm increased from £4bn to £4.5bn year on year. A number of partners at the business own its office on Edinburgh’s Melville Street within their pensions and received £85,000 in rent between them for the year.
The accounts revealed that artwork and antiques at the office were valued at £1.9m at the end of September last year.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here