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TheStreet Open House

Artio Global Investors Reports Fourth Quarter And Full Year 2011 Results; Announces Quarterly Dividend Of $0.06 Per Share

Stocks in this article: ART

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the fourth quarter of 2011 were $3.9 million, down 21% from $4.9 million for the fourth quarter of 2010, driven primarily by lower platform costs reflecting a decrease in average assets under management in proprietary funds.

General and Administrative Expenses

General and administrative expenses for the fourth quarter of 2011 were $9.5 million, a decrease of 13% from $10.9 million for the fourth quarter of 2010, due primarily to a decline in costs across several categories.

Income Taxes

For the fourth quarter of 2011, the adjusted effective tax rate was 44.3%, 2.0 percentage points higher than the 42.3% adjusted effective tax rate for the fourth quarter of 2010. The increase was due primarily to true-ups related to 2010 tax expense recorded in the fourth quarter of 2011, partly offset by a lower apportionment of income for state and local tax purposes in the fourth quarter of 2011.

The GAAP effective tax rate was 45.0% for the fourth quarter of 2011, 3.6 percentage points higher than the 41.4% GAAP effective tax rate for the fourth quarter of 2010 due primarily to the reasons noted above.

Fourth Quarter of 2011 Comparison with Third Quarter of 2011

Assets Under Management

Assets under management were $30.4 billion as of December 31, 2011, a decrease of $3.9 billion, or 11%, from $34.3 billion as of September 30, 2011, due to net client cash outflows, partly offset by market appreciation.

Revenues and Other Operating Income

Revenues and other operating income for the fourth quarter of 2011 totaled $51.9 million, down 19% from $63.8 million for the third quarter of 2011, driven primarily by lower investment management fees. Investment management fees were $51.6 million for the fourth quarter of 2011, down 21% from $65.6 million for the third quarter of 2011, due primarily to a decrease in average assets under management.

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