Business
Aston Hill announces second quarter results
CALGARY , Aug. 13, 2013 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 13, 2013 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) announces it has filed its unaudited interim Consolidated\n Financial Statements for the period ended June 30, 2013 and related\n Management Discussion and Analysis with Canadian securities regulatory\n authorities.\n\n\nFor the three month period ended June 30, 2013, Aston Hill's revenues\n were $7.7 million, an increase of 33% from the same period last year. \n The revenue increase was due mainly to the continued growth and\n performance of the Aston Hill mutual funds and additional overhead\n recoveries from the services agreement with Argent Energy Trust.  Aston\n Hill Assets under Management, Administration and Advisory (\"AUM\") increased 20% year-over-year from $5.6 billion to $6.7 billion as at\n June 30, 2013. The rise in AUM year-over-year is mainly the result of\n new mutual fund subscriptions, the addition of Argent Energy Trust and\n an increase in the IA Clarington sub-advised funds. AUM dropped\n slightly from the prior quarter from $6.8 billion to $6.7 billion, due\n mainly to the loss of institutional mandates, although revenue\n increased 6% from the prior quarter as the Company replaced the lost\n institutional AUM with higher fee mutual fund AUM.\n\n\nGeneral and administrative expenses were lower for the second quarter of\n 2013 ($4.4 million) as compared to the first quarter ($4.5 million). \n EBITDA for the second quarter ($1.82 million) was lower than the prior\n quarter ($1.98 million) due to higher product development costs and\n trailer fees paid for mutual fund sales as a result of higher than\n expected Aston Hill mutual fund sales. Year-over-year second quarter\n EBITDA increased 105% as the Company continued to focus its sales\n efforts on proprietary mutual fund sales.\n\n\nSubsequent to quarter end, the Company agreed to purchase an 80%\n interest in Connor, Clark & Lunn Capital Markets Inc. (\"CC&L CM\") for $16.4 million.  CC&L CM currently manages and provides advisory\n services to 14 TSX-listed closed end funds with assets under management\n of approximately $1.2 billion as at June 30, 2013. As previously\n announced, the acquisition will be financed by a bought deal offering\n of subscription receipts through a syndicate of underwriters led by\n CIBC, ...