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Profits climb 75% at Tulloch-backed funds boutique

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Profits climb 75% at Tulloch-backed funds boutique

A small Edinburgh-based boutique backed by former EM star Angus Tulloch saw its profits rocket 75% in the year to July.

Kennox Asset Management’s annual accounts showed profit after tax rising from £134,700 in 2017 to £235,978, as solid performance-driven lifted assets in its only fund.

Revenue increased by a more modest 6% from £1,830,002 to £1,940,548, while client assets grew 10.7% from £214 million to 237 million.

The figures are a turnaround from a 17.9% decline in profits last year following a stark 32.5% drop the year before – with both falls due to a investor outflows.

Kennox reported that the investment performance of its sole mandate, former First State manager Charles Heenan’s SW Kennox Strategic Value fund, rose 4.3% in the year to the end of June.

The fund returned 49.7% in the three years to the end of September versys a peer average of 47.8%. 

Retired emerging markets veteran Angus Tulloch, together with founders of quantitative fund pioneer AHL Michael Adam, David Harding and Martin Lueck, are among the high-profile investors reported to have put money in the fund.


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