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Aston Hill announces 2013 year end results, including a 37% increase in year over year EBITDA
CALGARY , March 19, 2014 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Comp...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\nCALGARY, March 19, 2014 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) announces it has filed its Annual Audited Consolidated Financial\n Statements for the year ended December 31, 2013 and related Management\n Discussion and Analysis with Canadian securities regulatory\n authorities.\n\n\nFor the year ended December 31, 2013, Aston Hill's revenue was $35.6\n million, an increase of 45% from 2012 year-end revenue of $24.6\n million.  The revenue increase was due mainly to the continued growth\n and performance of the Aston Hill mutual funds and the acquisition of\n CC&L closed end funds in August 2013.  Aston Hill Assets under\n Management, Administration and Advisory (\"AUM\") increased 20%\n year-over-year from $6.46 billion to $7.77 billion at December 31,\n 2013. The rise in AUM is mainly the result of new mutual fund\n subscriptions and the CC&L acquisition.\n\n\nGeneral and administrative expenses were $22.2 million for 2013 as\n compared to $16.0 million for 2012 due to an increase in headcount for\n mutual fund sales and operations and the CC&L acquisition of closed end\n investment funds.  AUM for the Aston Hill branded mutual funds\n increased from $300 million at January 1, 2013 to $665 million at\n December 31, 2013. As at February 28, 2014, the Aston Hill open-ended\n mutual fund AUM was $798 million as these funds continue to sell at\n record rates.\n\n\nEBITDA for the year ended December 31, 2013 was $10.0 million before\n stock compensation ($8.5 million after stock compensation), up 37% from\n the prior year amount of $7.3 million before stock compensation ($5.1\n million after stock compensation). The EBITDA increase is a result of\n revenue increases from the Company's investment management services and\n products offset by increased compensation and operational costs related\n to the growth of Aston Hill's mutual funds and the acquisition of the\n CC&L closed end investment funds.\n\n\nThe following table represents the breakdown of AUM at December 31, 2013\n and the percentage of total revenue by division for the fourth quarter\n 2013.\n\n\n\n\n\n\n\nDivision\n\n\nAUM ($B)\n\n\n% of Revenue\n\n\n\n\nAston Hill Funds\nSub-Advisory (IAC)\nPensions and Energy Management\nOther\n\n\n$2.45\n$3.02\n$1.90\n$0.40\n\n\n56%\n19%\n19%\n6%\n\n\n\n\n&#...