Revenues and Other Operating Income

Revenues and other operating income for the second quarter of 2012 totaled $32.7 million, down 26% from $43.9 million for the first quarter of 2012, driven primarily by lower investment management fees. Investment management fees were $33.3 million for the second quarter of 2012, down 22% from $42.8 million for the first quarter of 2012, due to a decrease in average assets under management and a decrease in the effective fee rate.

Expenses

Employee Compensation and Benefits

For the second quarter of 2012, adjusted employee compensation and benefits expenses were $16.5 million, a decrease of 17% from $19.9 million for the first quarter of 2012, due primarily to lower incentive compensation accruals.

GAAP employee compensation and benefits expenses for the second quarter of 2012 were $19.4 million, a decrease of 13% from $22.3 million for the first quarter of 2012, due primarily to the reason noted above.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the second quarter of 2012 were $3.0 million, a decrease of 16% from $3.6 million for the first quarter of 2012, 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 $7.7 million for the second quarter of 2012, a decrease of 19% from $9.6 million for the first quarter of 2012, due primarily to lower expenses across most categories.

GAAP general and administrative expenses were $7.7 million for the second quarter of 2012, a decrease of 20% from $9.7 million for the first quarter of 2012, due primarily to the reason noted above.

Non-operating Income (Loss)

Adjusted non-operating loss for the second quarter of 2012 was $1.2 million, down from adjusted non-operating income of $1.9 million for the first quarter of 2012, primarily reflecting losses on seed capital investments in the second quarter of 2012, as compared to gains in the first quarter of 2012.

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