Fund group’s profits down

EDINBURGH-BASED fund group Martin Currie faces a drop in profits after losing its key Chinese operation and seeing its assets crash.

Chief executive Willie Watt said the firm had been through a “dislocation” but had emerged stronger as well as smaller, it was reported today.

Pre-tax profits are expected to drop to £12m from last year’s £14m and a 2008 peak of £33m.

The group had to sell its Chinese operation this month after a brush with the regulator. Its assets also fell from £10 billion to £6.4bn.