Martin Currie sees assets under management soar

In the year to March 31 2017, the firm, which was bought by American firm Legg Mason in 2014, also saw revenues increase by 21 per cent to £55 million.

The performance helped the firm achieve a £0.9 million profit for the year, turning around the £6 million loss taken during the previous 12 months.

The takeover of Martin Currie by its American parent company meant a loss of independence after 133 years in business, but chief financial officer Ralph Campbell said the Edinburgh operations have thrived as a part of the sprawling Legg Mason operation.

Mr Campbell stressed that assets under management had more than doubled since the takeover, bolstered by Legg Mason’s global distribution capability which has driven growth in overseas markets by around 90 per cent.

In the accounts for the group’s UK subsidiary, Martin Currie Investment Management, directors noted: “During the next financial year we would expect to see the full year impact of the AUM growth and any subsequent AUM increases further improving the group’s financial performance.”

Martin Currie Investment Management made an operating loss of £10.2 million in the year to March 31, net of £2.9 million exceptional expenses for a cost reduction programme. It lost £8.2 million in the preceding year. The emoluments of the highest paid director rose to £678,000, from £478,000.

“The growth in AUM was mainly as a result of positive net inflows of over £4 billion, particularly into the Martin Currie Australian equity business,” wrote directors.

In particular, the latest accounts highlight the success of the firm’s Australian operation, which was established in 2008 and reports to Martin Currie’s Edinburgh-based chief executive Willie Watt.

Martin Currie group employs around 160 people in Edinburgh and 190 in total.