Profits at Artemis reach £100mn

Profits at Artemis reach £100mn

Fund house Artemis recorded profits of £100mn in the year to the end of December 2021, roughly the same as in 2019.

Last year (2021) was generally a bouyant year for equity and bond markets, boosting the assets under management of many firms.

Artemis reported an operating profit of £101mn, up from £80mn in 2020.

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The profit in 2019 was £102mn, implying the lower figure in 2020 was Covid-related, but also that the firm’s profitability has not really expanded in the intervening years. 

The company’s assets under management was £30bn at the end of 2021, of which around £20bn was in retail funds and the remainder in institutional mandates. 

Artemis is owned by its partners, which comprises around 33 staff members, and the US firm AMG, with the latter owning a majority of the shares. 

From that £100mn profit, £77mn was distributed to the partners, an increase of £10mn on the previous year. Of this £55mn ultimately went to AMG. 

During the period covered by these accounts, Matthew Beesley departed as chief investment officer to join Jupiter in the same role, before being promoted to chief executive.

His replacement as chief investment officer at Artemis is Paras Anand, who duly became a partner in the firm during the year. 

The wage bill for the year was £29mn, up from £25mn in the prior year. The company had £10mn invested in its own funds as a result of providing “seed capital” to its own funds when they launch.

FTAdviser previously revealed that Artemis had appointed a corporate advisory firm to help it with its “strategic growth options”, but a company representative denied this was a prelude to a sale of the business.

In 2019, Artemis unsuccessfully tried to buy Somerset Capital.