Artio Global Investors Reports Third Quarter 2012 Results; Announces Dividend Of $0.02 Per Share
“Strategically, we have realigned the business around our expertise in cross-border investing across both equity and fixed income markets, with particular focus on repairing our International Equity track records and growing our highly rated fixed income strategies. At the same time, we continue to concentrate on managing expenses and maintaining the strength of our balance sheet, and remain focused on investing for future growth.”
Third Quarter of 2012 Comparison with Third Quarter of 2011
Assets Under Management and Net Client Cash Flows
Assets under management were $17.7 billion as of September 30, 2012, down $16.6 billion, or 48%, from $34.3 billion as of September 30, 2011, due to net client cash outflows, partly offset by market appreciation.Net client cash outflows for the third quarter of 2012 were $4.3 billion, driven primarily by net client cash outflows from our International Equity I and II strategies. 6 Revenues and Other Operating Income Revenues and other operating income for the third quarter of 2012 totaled $26.9 million, down 58% from $63.8 million for the third quarter of 2011. The decrease was driven primarily by lower investment management fees of $26.5 million for the third quarter of 2012, down 60% from $65.6 million for the third quarter of 2011, due primarily to lower average assets under management. Expenses Employee Compensation and Benefits For the third quarter of 2012, adjusted employee compensation and benefits expenses were $14.4 million, down 19% from $17.7 million for the third quarter of 2011. The decrease was due primarily to a reduction in costs associated with lower headcount. GAAP employee compensation and benefits expenses for the third quarter of 2012 were $38.0 million, an increase of 34% from $28.4 million for the third quarter of 2011, due primarily to the removal of the service requirement for the remaining unvested RSUs granted at the time of the IPO, partly offset by the reasons noted above and a lower compensation charge related to organizational changes in the third quarter of 2012, as compared to the third quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV