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Aston Hill Announces 2014 Second Quarter Results and $1 Billion Mutual Fund AUM Milestone
CALGARY , Aug. 7, 2014 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\nCALGARY, Aug. 7, 2014 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) announces it has filed its unaudited Condensed Interim Consolidated Financial Statements for the period ended June 30, 2014 and related Management's Discussion and Analysis with Canadian securities regulatory authorities. \n\nAston Hill Assets Under Management, Advisory and Administration (\"AUM\") increased 12% year-over-year from $6.7 billion to $7.5 billion at June 30, 2014.  The rise in AUM is mainly the result of new mutual fund subscriptions and the acquisition of closed end funds in 2013. During the quarter, gross sales of mutual funds were $129 million (net $100 million).  YTD gross sales ($308 million) increased by 64% from the prior year.\n\nIn May, the Company added two new mutual fund wholesalers, one in British Columbia and one in Quebec, which are expected to increase sales in those two provinces in the future. The Company continues to focus its sales efforts on in-house managed funds, as they generate much higher than average margins. As a result of increased in-house fund sales, Aston Hill has benefitted with a notable increase in quarterly earnings and EBITDA.\n\nIn mid-July, subsequent to the second quarter's end, the Company surpassed the $1 billion in AUM milestone of in-house Aston Hill mutual funds.\n\n\n\n\nFinancial Highlights\n\n\n\n\n\n(in thousands of dollars, except assets under management and\n\nper share amounts)\n\n\n\n\nAs at June 30, 2014\n\n\nAs at March 31, 2014\n\n\nAs at June 30, 2013\n\n\n\nAssets under management (in billions)\n\n\n$\n\n\n7.48\n\n\n$\n\n\n7.38\n\n\n$\n\n\n6.72\n\n\n\nTotal assets\n\n\n\n97,138\n\n\n\n95,940\n\n\n\n65,289\n\n\n\nShares outstanding\n\n\n\n89,351\n\n\n\n89,891\n\n\n\n73,281\n\n\n\n\n\n\n\n\nFor the three months ended\n\n\nAs at June 30,2014\n\n\nAs at March 31,2014\n\n\nAs at June 30,2013\n\n\n\nTotal revenues\n\n\n$\n\n\n12,151\n\n\n$\n\n\n11,068\n\n\n$\n\n\n7,686\n\n\n\nTotal expenses excluding finance expense\n\n\n9,463\n\n\n\n9,551\n\n\n\n6,228\n\n\n\nTotal finance expense\n\n\n834\n\n\n\n1,264\n\n\n\n1,052\n\n\n\nIncome (loss) before income taxes\n\n\n$\n\n\n1,854\n\n\n$\n\n\n253\n\n\n$\n\n\n406\n\n\n\nIncome tax expense (recovery)\n\n\n$\n\n\n560\n\n\n$\n\n\n260\n\n\n$\n\n\n81\n\n\n\nNet (loss) income\n\n\n$\n\n\n1,294\n\n\n$...