Financial and operational highlights


Interim results 2008
 
Financial:
 

  • Management/advisory fees, excluding performance fees, of 2.43 million up 99% on 2007 (1.22 million)
  • Performance fees of 721,051 (2007: 2.02 million)
  • Administrative/operating expenses of 3.28 million, flat on 2007 (3.28 million)
  • Retained loss in the financial period of 730,093 (2007:  retained profit of 527,820)
  • Net assets 33.1 million (equivalent to 204p per share) (31 December 2007: 33.8 million, (or 208p per share))
  • Cash and listed investments at 30 June 2008 of 5.7 million
  • Annualised management/advisory fees as at 31 August 2008 of approximately 7.7 million[1], up 166% compared to 31 August 2007 (2.9 million) , excluding performance fees

Operational:

  • Fee earning assets under management between 1 January 2008 and 30 June 2008, down 9% to 266 million ($531 million) allowing for cross holdings between the funds (31 December 2007: 294 million), primarily due to the end of the management contract with Bulldog Financial Limited
  • Fee earning assets under management as at 31 August 2008, up 111% to 638 million ($1.16 billion) since 31 August 2007 (302 million), allowing for cross holdings between the funds
    • as at 31 August 2008, the Group's Alternative Investment Funds had fee earning assets under management of 555 million ($1.01 billion), up 276% compared to 31 August 2007 (148 million), following primarily the acquisition of a 48% interest in Dawnay Day Sirius Real Estate Asset Management Limited (now renamed Principle Capital Sirius Real Estate Management Limited) from Dawnay, Day
    • as at 31 August 2008, the Group's Activist Investment Funds had fee earning assets under management of 83 million ($151 million), down 41% since 31 August 2007 on a like for like basis owing to poor market conditions
  • End of management contract with Bulldog Financial Limited generates payment of performance fee of 1.68 million at 31 March 2008.  The underlying investment in Nord Anglia Education plc generated annual IRRs in excess of 50% to our funds over the three year investment period
  • Governmental approval achieved for Principle Energy's sugarcane to ethanol project in Mozambique - one of only two renewable fuels projects approved to date by the Mozambican government
  • South African Property Opportunities plc (""SAPRO"") has made significant progress with investments in 15 development projects to date and committed 67.4 million, well ahead of target
  • Fund and trust administration business, Silex, acquired in October 2007, contributes profits of 0.5 million on 1.3 million in the period
  • Continue to see healthy interest in existing products.  Several additional products in pipeline
  • Jonathan Sieff, formerly Chief Executive of Close Brothers Asset Management Holdings plc, joins the Board of the Company as Chief Executive Officer.  Brian Myerson becomes Executive Chairman
     
    [1] Including Principle Capital Sirius and after allowing for our joint venture partners' share