Business
2013 2nd Quarter Results
2013 2nd Quarter Results.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 6063L Titanium Asset Management Corp 13 August 2013 \n \n\nTitanium Asset Management Corp. \n \nReports 2013 Second Quarter Results\n \nMilwaukee, WI, August 13, 2013 - Titanium Asset Management Corp. (AIM - TAM) today reported results for the second quarter ended June 30, 2013.\n \nHighlights are as follows:\n \n· Assets under management (AUM) decreased 1.0% during the second quarter of 2013 to $8,876.3 million reflecting negative market returns, offset in part by net inflows. Market returns for our fixed income assets were down 1.8% as interest rates increased sharply during May and June.\n \n· Average AUM of $8,921.6 million for the second quarter of 2013 was 4.0% higher relative to the average AUM of $8,581.7 million for the same period last year. Investment management fee revenues were $5,984,000 for the second quarter of 2013, an 8.9% increase from investment management fee revenues of $5,493,000 for the same period last year, primarily due to the higher average AUM levels and a higher average fee rate. For the year to date, average AUM of $8,899.2 million was 4.8% higher relative to the average AUM of $8,493.4 million for the same period last year. Investment management fee revenues were $11,867,000 for the 2013 year to date period, a 10.4% increase from investment management fee revenues of $10,752,000 for the same period last year, primarily due to the higher average AUM levels and a higher average fee rate.\n \n· Adjusted EBITDA(1) for the second quarter of 2013 was $346,000 and included a net charge of $266,000 related to a settlement arrangement for one of the contingency matters. Excluding the settlement provision, Adjusted EBITDA for the second quarter of 2013 was $612,000, compared to Adjusted EBITDA of $591,000 for the comparable period last year. For the 2013 year to date period, Adjusted EBITDA was $998,000. Excluding the settlement provision, Adjusted EBITDA for the 2013 year to date period was $1,264,000, compared to Adjusted EBITDA of $856,000 for the same period last year. The improvements primarily reflect the increased investment management fee revenues.\n \n· Net investment i...