Artio Global Investors Reports Third Quarter 2012 Results; Announces Dividend Of $0.02 Per Share
GAAP income tax expense was $171.6 million for the third quarter of 2012, up from $9.8 million for the third quarter of 2011, due primarily to a valuation allowance on the Company’s deferred tax assets, partly offset by the reasons noted above.
Third Quarter of 2012 Comparison with Second Quarter of 2012
Assets Under Management
Assets under management were $17.7 billion as of September 30, 2012, a decrease of $3.5 billion, or 16%, from $21.2 billion as of June 30, 2012, due to net client cash outflows, partly offset by market appreciation.Revenues and Other Operating Income Revenues and other operating income for the third quarter of 2012 totaled $26.9 million, down 18% from $32.7 million for the second quarter of 2012, driven primarily by lower investment management fees. Investment management fees were $26.5 million for the third quarter of 2012, down 20% from $33.3 million for the second quarter of 2012, due primarily to a decrease in 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, a decrease of 13% from $16.5 million for the second quarter of 2012, due primarily to a decrease in the amortization of deferred incentive compensation awards and 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 96% from $19.4 million for the second quarter of 2012, due primarily to the removal of the service requirement for the remaining unvested RSUs granted at the time of the IPO and the compensation charge related to organizational changes recorded in the third quarter of 2012, partly offset by the reasons noted above.
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 Plus 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