Investments  

Artemis partnership distributes £87m as profits rise

Artemis partnership distributes £87m as profits rise

The partners in asset management firm Artemis received 10 per cent more in pay in the 2018 calendar year despite the firm’s assets under management falling.

The latest accounts for Artemis Investment Management LLP, the partnership which operates the fund management company, showed the firm distributed £85.7m of cash and £1.6m of share based payments in 2018.

This was up from the £79.7m distributed last year and came as Artemis reported a profit of £125.7m for the year, up from £122m the previous year.

The accounts stated there were an average of 31 partners at the firm during the accounting period

The accounts also showed that assets under management fell from £27.8bn to £26.3bn during 2018, despite net inflows into the company’s investment products.  

The company cited general uncertainty in markets, and particularly the uncertainty around the UK’s exit from the EU, as the reasons for the drop in assets under management. It said most of the fall occurred in the final three months of 2018.

The largest slug of the distributed money, £66.4m, went to US asset management firm AMG, which has a 60 per cent stake in Artemis.

The firm received management income of £201m in 2018, up from £184m the previous year.

It had a total of 149 employees in 2018. 

During the year Dick Turpin, the head of asset gathering, retired as a partner at the firm, while former JP Morgan employee Jasper Berens joined as head of distribution. 

Since the start of 2019, Stephen Snowden, formerly a bond fund manager at Kames, has joined as a partner. 

david.thorpe@ft.com