SARACEN Fund Managers bounced back into the black in its last financial year, as revenues increased sharply, its latest accounts reveal.

The Edinburgh-based fund management house, led by industry veteran Graham Campbell, cited “encouraging” investment performance. It highlighted strengthening flows of investment into its funds, particularly TB Saracen Global Income & Growth, during the year to March 31.

Saracen Fund Managers reported turnover of £800,704 for the year to March, up from £662,955 in the prior 12 months. It posted a £35,545 pre-tax profit for the 12 months to March, compared with a £243,531 loss in the prior financial year.

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In the strategic report, Saracen Fund Managers’ directors say: “Conditions in equity markets remain volatile and the wealth managers, who are our clients, remained cautious to adding additional exposure.

“Nevertheless, investment performance was encouraging and investment flows, particularly into TB Saracen Global Income & Growth, strengthened over the period.”

They add: “As a consequence, the financial performance of the business improved significantly after several years of investment and it is testament to the hard work of the team that Saracen was profitable for the financial year.”

Saracen Fund Managers’ average number of employees during the year to March was 10, down from 11 in the prior 12 months.

Directors’ remuneration rose to £193,000 in the year to March, from £148,250 in the prior 12 months.

Saracen was founded in 1997 by fund management industry veteran Jim Fisher, who remains on its board. The independent investment house’s website notes Mr Fisher “remains a major shareholder in the company”, which moved from Glasgow to Edinburgh in 2011.

Mr Campbell, who was previously with Edinburgh Partners, is also a major shareholder in Saracen, which is chaired by veteran stockbroker Jamie Matheson.