Business
Third Quarter Results
Third Quarter Results.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n RNS Number : 3114C Titanium Asset Management Corp 11 November 2009 \n \nTitanium Asset Management Corp. \n\nReports Third Quarter 2009 Results\n\nMilwaukee, WI, November 10, 2009 - Titanium Asset Management Corp. (AIM - TAM) today reported results for the third quarter of 2009.\n\nHighlights are as follows:\n\n\n\nRevenues of $5,047,000 for the third quarter of 2009, a 30% increase over the same period last year.\n\n\n\n\n\nPerformance fees generated year to date but not yet recognized of $1,072,000 (Q3 2008 - nil).\n\n\n\n\n\nManaged and fee paying assets increase by 10.9% from $8,379.4 million to $9,290.0 million in the year to date. \n\n\n\n\n\nA reduction in our EBITDA deficit to $557,000 from $1,033,000 in the second quarter of 2009.\n\n\n\n\n\nA goodwill impairment charge of $4,847,000 mainly reflecting very subdued activity in the retail equity markets.\n\n\n\n\n\nNet loss of $6,197,000, or $0.30 per diluted common share, compared to a loss of $1,602,000, or $0.08 per diluted common share, for the third quarter of 2008.\n\n\n\nCommenting on these results, Nigel Wightman, Chairman and CEO of Titanium Asset Management Corporation said:\n\n\"During the quarter we saw a significant rise in managed and fee paying assets from institutional clients, reflecting better markets, fixed income inflows (including assets invested in the U.S. Government's TALF program) and encouraging growth in our hedge fund business. Our new real estate division also began managing assets for its first client.\n\n\"Our retail U.S. equity business however remained subdued, in line with the rest of the industry. While we expect some growth in 2010 we have scaled back our long-term forecasts for U.S. equity inflows. We have therefore taken a write-down of goodwill to reflect both this and the continuing high legal and professional costs associated with our being a public reporting company.\n\n\"Other expenses are continuing to decline as we integrate our four subsidiaries and reduce he...