UK-listed emerging markets specialist Charlemagne Capital has reported a decline in group assets under management of 33.2 per cent in its unaudited preliminary results for the year ended 31 December 2011.

Charlemagne’s total revenues last year amounted to $27.8 million - a fall of 2.5 per cent - while net management fees for the year stood at $22.6 million, which was an increase of 1.8 per cent.

The firm said in a statement that it remains “well-capitalised with substantial cash balances” and is “actively monitoring its current trading position.” Mark Bickford-Smith has subsequently been appointed as co-chief investment officer, effective from 31 January.

Bickford-Smith has 27 years of investment experience and is dedicated to “bottom-up stock picking,” which is a “cornerstone” of Charlemagne’s investment strategy, the firm said. He will work alongside Charlemagne's current CIO, Julian Mayo.