ARTEMIS Investment Management saw its profits edge lower in 2016, although revenues rose on the back of higher stock market levels, writes Ian McConnell.

Accounts filed with Companies House show the investment house, which has offices in Edinburgh and London and was founded by former senior executives of fund manager Ivory & Sime two decades ago, achieved turnover of £166 million in the year to December 31, 2016. This was up from £160m in the prior 12 months.

Profit for the financial year before members’ remuneration and profit shares dipped to £116.8m in 2016, from £117.3m in the prior 12 months. Members’ remuneration charged as an expense rose to £76.8m from £70m, the limited liability partnership’s accounts show.

This meant profit for the financial year available for discretionary division among members fell from £47.4m to £40.1m.

In their report on the accounts, members of Artemis Investment Management attribute the 3.7 per cent rise in revenues to “higher market levels”. And they note that assets managed by the Artemis group increased during the year from £22.9 billion to £24.6bn.

The average number of people employed by Artemis Investment Management during 2016 was 129, up from 117 in the prior 12 months.