Neptune profits fall 40% after 'challenging' year

Neptune's profits before tax fell nearly 40% in 2012, with assets under management down 7.5%, after what the group called an "extremely difficult year for equity investors".

The asset manager's profit before tax was £12.8m for 2012, down from £21.1m in 2011, its annual results have revealed. Turnover - predominantly from management fees - also fell from £95m to £85m, while AUM for the group also fell by 7.5% to close the year at £5.8bn. Neptune chief executive Robin Geffen blamed the drop in profits on a "challenging year" for investors and the investment industry. "2012 has been another challenging year for both Neptune and the fund management industry as a whole," he said. However, he conceded the group had also made a number of calls on some equi...