Profits at Charlemagne Capital, the emerging markets specialist fund manager, dropped 34% to $37.4m (€28.4m) during 2006, in its first full year's results since listing. Chairman Michael Baer said the year "was not without challenges".

Charlemagne put the result down to taxation provisions of $6m, costs incurred during listing of $3.5m and a one-off gain from a private equity project in 2005, which inflated that year's earnings by $13.2m. Discounting these items, profits were down by only 5%.