SARACEN Fund Managers has moved into profit as its two funds swelled in value and the firm spent more on staff and marketing. The
Saracen posted a pre-tax profit of pound(s)15,501 for the year to the end of March, compared to a loss before tax of pound(s)60,202 in the prior year and pound(s)130,000 of losses in 2012.
Its revenues, made chiefly from management fees, jumped from pound(s)380,421 to pound(s)548,137 according to documents recently filed at
The group said in its accounts that it has been "working hard to re-connect with shareholders" who have been hunting for income in larger funds, rather than investing for growth in recent years.
"The growth fund has outperformed in 12 of the last 15 years. What we are finding is that there are a lot of funds in this area, and what we need to do a bit better is know our target investors , talk to investors, as the fund is very strong," said chief executive
"The thing about Saracen is the majority of the staff's savings are in the fund, so we have a long-term tie to our investors."
The pound(s)29m fund holds shares in
In the group's
"Providing performance continues to remain supportive, the other major constraints of fund size and length of performance track record will diminish in importance," the company said.
"We are still growing funds under management and still hiring people and spending on sales and marketing," he said.
The firm also brought in
The company conducts its own research into potential investment targets, with a view to putting money into firms that are under- researched by rivals.
Saracen invests with a long-term view, turniong over less than a fifth of its holdings a year since its foundation in 1997.
Co-founder and chairman
SARACEN Fund Managers has moved into profit as its two funds swelled in value and the firm spent more on staff and marketing.