Charlemagne generated net inflows in the quarter but AuM fell 11% in Q3 in line with our expectations. Funds outperformed deteriorating EM indices. Marketing efforts have yielded rewards and Charlemagne won two institutional mandates in the quarter, with one still to be funded. We leave our forecasts unchanged as AuM was in line with expectations set at the Interims. Charlemagne trades on an attractive 0.8% EV/AuM with cash and liquid assets totalling 63% of current market cap.
