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Redemptions and rocky markets sees Thames River profit fall 16%
by Sarah Miloudi on Dec 19, 2012 at 11:35
Rocky markets and money leaving funds has caused Thames River's operating profit to slip 16% year-on-year.
The firm, which recently saw its co-founder Michael Mabbutt join Liontrust, posted a £16.9 million operating profit but lamented a fall in performance and net management fees for the year ended 31 March.
'Operating profits of £16.9 million for the financial year were lower than the previous year by 16% due to a combination of fund redemptions and volatile market conditions,' the Thames River Capital LLP accounts said.
Net management fees dropped by £2.8 million and performance fees by £3.9 million. While the firm was tight lipped about the funds that had seen redemptions, it welcomed a fall in its cost over the past year.
Mabbutt decided to leave Thames River in 2007 but it was announced late in November he would head a newly formed global credit unit within John Ions' (pictured) Liontrust.
Liontrust is expected to launch its first global credit mandates at the beginning of next year, drawing on the experience of Mabbutt, who helped launch Thames River in 1998.
He worked to build the firm's credit team assets to $3 billion by the time of his exit.
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