Business
Aston Hill announces second quarter 2012 results and the closing of Argent Energy Trust
CALGARY, Aug. 13, 2012 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company "...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 13, 2012 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) is pleased to announce it has filed its unaudited interim\n consolidated financial statements for the period ended June 30, 2012\n and related Management Discussion and Analysis with Canadian securities\n regulatory authorities. The Company is also pleased to announce that\n it, in its capacity as administrator, has closed on the initial public\n offering of Argent Energy Trust (\"Argent\"), which began trading on the\n TSX, on Friday, August 10, 2012 under the symbol AET.un.\n\n\nAs of June 30, 2012, Aston Hill had approximately $5.62 billion in\n Assets under Advisory and Management (\"AUM\") compared to $3.39 billion\n at June 30, 2011 representing an increase of 66% year over year.\n Current AUM as at August 10, 2012 is $5.92 billion which represents a\n slight decrease from the prior quarter total of $5.95 billion. The\n decrease is largely due to the 5.3% overall reduction in the TSX\n composite index in the second quarter. Mutual fund sales were strong as\n positive net sales in the Company's proprietary mutual funds for the\n first and second quarters were $32.0 million and $64.8 million\n respectively.\n\n\nRevenues for the second quarter of 2012 were approximately $5.779\n million as compared to $3.538 million in the second quarter of 2011,\n representing a 63% year over year increase. Revenues decreased by 6%\n from the prior quarter due to the AUM decrease noted above. General and\n administrative expenses in the second quarter totaled $3.883 million as\n compared to $3.774 million in the first quarter, a 3% increase. The\n increase is largely the result of marketing costs associated with the\n continued push to sell Aston Hill's proprietary suite of mutual funds. \n For the second quarter of 2012, Aston Hill reported EBITDA1 of $0.886 million compared to $1.498 million in the first quarter.  The\n decrease in EBITDA is primarily due to the decrease in fees associated\n with the termination of the Sword management contract, in addition to\n the decrease in management and advisory fees due to the 5.3% AUM\n valuation drop from market softening and the increase in marketing\n costs and trailer fees related to subscriptions on Aston Hill's\n proprietary suite of mutual funds. The expected short te...