Business
Aston Hill announces record third quarter
CALGARY , Nov. 7, 2013 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company ...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 7, 2013 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) is pleased to announce that it has filed its unaudited\n interim Consolidated Financial Statements for the period ended\n September 30, 2013 and related Management Discussion and Analysis with\n Canadian securities regulatory authorities.\n\n\nEBITDA before stock compensation was $2.9 million (a record high for the\n Company) for the third quarter of 2013 compared to $2.3 million for the\n prior quarter due to higher revenues from Aston Hill mutual funds,\n lower product development costs and a partial quarter's contribution\n from the newly acquired CC&L Capital Markets closed-end funds.\n\n\nThird quarter revenues of $9.2 million also set a record high for a\n quarter, an increase of 48% from the same period last year and an\n increase of 19% from the prior quarter.  The revenue increase was due\n mainly to the continued growth and performance of the Aston Hill\n proprietary mutual funds and the aforementioned acquisition of the CC&L\n closed-end funds in August 2013.  Aston Hill's Assets under Management,\n Administration and Advisory (\"AUM\") grew to $7.9 billion at September 30, 2013 from $6.7 billion at the\n end of the prior quarter and $6.0 billion at September 30, 2012. This\n year-over-year increase of 31% and quarterly increase of 17% was mainly\n the result of the CC&L Capital Markets acquisition and the growth in\n the mutual fund business.\n\n\nDuring the third quarter, revenues from Aston Hill-managed investment\n funds surpassed revenues from all other sources, as per the following\n table:\n\n\n\n\nPercent of Revenues by Source for Three Months Ended September 30, 2013\n\n\n\n\n      Aston Hill-Managed Investment Funds\n\n\n51%\n\n\n\n\n      Sub-Advisory Mandates\n\n\n27%\n\n\n\n\n      Institutional & Energy Management\n\n\n20%\n\n\n\n\n      Aston Hill Securities\n\n\n  2%\n\n\n\n\n\n\n\nAs a result of strong mutual funds sales during the period, trailer fees\n payable increased for the quarter.  These fee increases coupled with\n the new sub-advisory fees incurred as a result of the CC&L Capital\n Markets funds acquisition, resulted in expenses increasing from $6....