Emerging market boutique Charlemagne Capital has been one of the worst hit asset managers over the summer months, as investors take fright over the deteriorating economic conditions.

Charlemagne's assets under management fell 29.4% to $2.33bn between July 1 and September 30, and are down 33.2% since the beginning of the year. According to a statement from the manager, the fall in assets reflects "the extreme market conditions experienced during the most recent quarter, particularly in Russia and Eastern Europe."