AuM grew by 3.4% to $2.1bn during Q2 with $36m net inflows and $33m positive investment performance. We note that net management fees declined by 16% yoy on lower average AuM and some modest, mix-driven fee margin pressure, however, performance fees are currently running higher than our full year assumption ($8.8m vs $5.6m). Provided fund performance is stable during H2, we anticipate that Charlemagne will meet our forecasts, which we leave unchanged for the moment.
