Emerging market specialist Charlemagne Capital is to close its OCCO Eastern European equity long/short fund in the coming weeks as committed allocations are set to raise the vehicle’s assets under management to $300 million. The inflow in funds comes as investors look to get exposure to emerging market hedge funds with a long term track record.

The fund had a similar level of assets before the credit crisis struck, but owing to its monthly dealing facility, investors redeemed funds during 2008-09. The rebound is all the more pronounced given that the fund had managed $105 million on January 1.

“We were confident of the strategy and of the ability of the team to recover,” said Varda Lotan, a director with Charlemagne. “Post the financial crisis it took time for things to settle down and for investors to get their portfolios into shape.”

The OCCO fund boasts an enviable track record. Under manager Andy Wiles it has returned over 16% annualised since inception at the beginning of 2002 with a volatility of less than 9%. It is up 8% in the year to August.

Total assets under management at Charlemagne fell to $2.8 billion at June 30 from $3.0 billion at January 1, but are ahead of the $2.4 billion recorded in mid-2009. For the first half Charlemagne saw pre-tax profits jump nearly fourfold to $4.9 million with earnings per share up to 1.71 US cents from 0.41 US cents. The Group has also declared an ordinary interim dividend of 0.4 US cents, unchanged from a year ago, and a special interim dividend of 1.1 US cents.