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Aston Hill Announces 2015 Second Quarter Results and Quarterly Cash Dividend
CALGARY , Aug. 4, 2015 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\nCALGARY, Aug. 4, 2015 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) announces it has filed its Consolidated Financial Statements for the three and six month periods ended June 30, 2015 and related Management's Discussion and Analysis (\"MD&A\") with Canadian securities regulatory authorities. Aston Hill also announces the quarterly cash dividend in the amount of $0.005 per Common Share will be payable on August 26, 2015 to all Aston Hill shareholders of record on August 14, 2015. The resulting ex-dividend date for the Common Shares will be August 12, 2015.  This dividend is an eligible dividend for Canadian income tax purposes.\n\nAston Hill's Assets Under Management, Advisory and Administration (\"AUM\") decreased by 3% over the previous quarter from $4.12 billion to $4.00 billion at June 30, 2015. The lower AUM is mainly the result of a reduction in institutional and sub-advisory assets, as well as assets under administration. This decrease was offset by an increase in higher revenue and higher margin proprietary mutual fund assets. During the second quarter, gross sales of mutual funds were $163 million (net $61 million).  The Company continues to focus its sales efforts on in-house managed mutual funds, as they generate higher corporate average margins.\n\nFor the second quarter, Aston Hill's revenues were $9.7 million, a decrease of 20% from the prior year's second quarter revenues of $12.2 million. As well, second quarter revenues of $9.7 million decreased by 9% from the prior quarter total of $10.6 million. The revenue decrease was due to a reduction in revenues from sub-advisory mandates and institutional assets, primarily related to the non-renewal of the IA Clarington sub-advisory agreement. Revenue generated by sub-advisory mandates continues to decrease as a percentage of total revenue (currently 5% compared to 21% in the same quarter in the prior year) as management remains focused on higher margin mutual fund growth. In-house mutual funds and closed end funds management fees accounted for 81% of revenues for the second quarter of 2015. \n\n\n\n\nPercent of Revenues by Source for Three Months Ended June 30, 2015\n\n\n\nAston Hill Managed Investment Funds\n\n\n81%\n\n\n\nSub-Advisory Mandates\n\n\n5%\n\n\n\nInstitutional and Other\n\n\n7%\n\n\n\nAston Hill...