Scottish Wealth Manager Sees Boom in Profits, Makes Hires

Contributing Editor

7 November 2005

Edinburgh and London-based Artemis Investment Management recorded a 143 per cent rise in pre-tax profits in 2004 to £21.7 million ($37.9 million), according to reports in the Scottish press. Artemis has been extremely good at asset gathering, nearly doubling its assets under management in the past year. The firm now manages more than £7.5 billion. The firm recently hired William Littlewood, formerly of the London-based Jupiter Asset Management, to launch a global hedge fund. It also appointed Jacob de Tusch-Lec from Merrill Lynch to join its SmartGARP team which identifies mis-priced stocks for its three large cap funds. Altogether it employs 80 people, of whom 30 work in Edinburgh and 40 in London. It has 13 fund managers in all, nine based in London. Artemis’s two hedge funds, a European one launched in 2001 and a UK one launched last March, have attracted about £150 million.