Crux Asset Management has proposed a final dividend totalling £400,000 as its post-tax profit for the year ended September 30, 2020, hit £1.9m.
In 2019, the asset manager reported a post-tax loss of close to £300,000 due to an exceptional expense of £4.2bn and declared a ‘nil’ dividend. The underlying profit after tax for the prior year was £3.1bn.
According to its annual report and financial statement, Crux Asset Management, led by chief executive Karen Zachary (pictured), saw a decline in revenue for the period caused by a fall in assets under management and subsequent fee reduction.
The company attributed the fall in assets to weaker markets, particularly between March 2020 and July 2020 when equities were depressed due to Covid-19.
It added: “Investors throughout the year reduced exposure to European and UK equities in favour of Global and US focused strategies. Our ability to interact effectively with existing clients and develop new relationships was not helped by lockdown.”
