Artio Global Investors Reports First Quarter 2012 Results; Announces Dividend Of $0.02 Per Share
First Quarter of 2012 Comparison with Fourth Quarter of 2011
Assets Under Management
Assets under management were $26.6 billion as of March 31, 2012, a decrease of $3.7 billion, or 12%, from $30.4 billion as of December 31, 2011, due to net client cash outflows, partly offset by market appreciation.
Revenues and Other Operating IncomeRevenues and other operating income for the first quarter of 2012 totaled $43.9 million, down 15% from $51.9 million for the fourth quarter of 2011, driven primarily by lower investment management fees. Investment management fees were $42.8 million for the first quarter of 2012, down 17% from $51.6 million for the fourth quarter of 2011, due primarily to a decrease in average assets under management. Expenses Employee Compensation and Benefits For the first quarter of 2012, adjusted employee compensation and benefits expenses were $19.9 million, a decrease of 3% from $20.6 million for the fourth quarter of 2011. The decrease was due primarily to lower incentive compensation accruals, partly offset by an increase in the amortization of deferred incentive compensation awards. GAAP employee compensation and benefits expenses for the first quarter of 2012 were $22.3 million, a decrease of 3% from $23.0 million for the fourth quarter of 2011, due primarily to the reasons noted above. Shareholder Servicing and Marketing Expenses Shareholder servicing and marketing expenses for the first quarter of 2012 were $3.6 million, a decrease of 7% from $3.9 million for the fourth quarter of 2011, due primarily to lower platform costs, reflecting a decrease in average assets under management in proprietary funds. General and Administrative Expenses Adjusted general and administrative expenses were $9.6 million for the first quarter of 2012, an increase of 2% from $9.5 million for the fourth quarter of 2011.
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