TIDMTAM
RNS Number : 5701Y
Titanium Asset Management Corp
02 March 2012
Titanium Asset Management Corp.
Reports 2011 Fourth Quarter and Annual Results
Milwaukee, WI, March 2, 2012 - Titanium Asset Management Corp.
(AIM - TAM) today reported results for the fourth quarter and year
ended December 31, 2011.
Highlights are as follows:
-- Managed assets decreased slightly from $8,434.4 million to
$8,316.8 million during the fourth quarter of 2011 primarily
reflecting the redemption of TALF assets under management.
-- Average managed assets of $8,375.6 million for the fourth
quarter of 2011 were modestly higher relative to the $8,343.9
million for the same period last year. Investment management fee
revenues were $5,160,000 for the fourth quarter of 2011, a 1.2%
decrease from investment management fee revenues of $5,223,000 for
the same period last year primarily due to the modestly lower
average fee rates. Average managed assets of $8,347.2 million for
2011 were also modestly lower relative to the $8,350.6 million for
the prior year. Investment management fee revenues were marginally
higher at $20,507,000 for 2011 compared to $20,463,000 for 2010,
reflecting a slightly higher average fee rate.
-- Distributed assets decreased by 49.2% from $736.5 million to
$374.0 million during the fourth quarter of 2011 reflecting
continued referred client redemptions. The combination of the
continued erosion in the distributed asset client base and the
reduction in our average referral fee rates due to the decrease in
the hedge fund adviser's fees have led to significant decreases in
our referral fee revenues. Referral fee revenues were $161,000 for
the fourth quarter of 2011, a 72.9% decrease from referral fee
revenues of $594,000 for the fourth quarter of 2010. Referral fee
revenues for 2011 were $1,106,000, a 54.3% decrease from referral
fee revenues of $2,418,000 for 2010.
-- Adjusted EBITDA(1) continued to improve during the fourth
quarter of 2011 and for the full year. Adjusted EBITDA of $541,000
for the fourth quarter of 2011 compared to Adjusted EBITDA of
$473,000 for the same period last year. Excluding severance costs,
our Adjusted EBITDA for 2011 would have been $1,133,000 compared to
$326,000 for 2010. The ongoing improvements in Adjusted EBITDA
primarily reflect the structural cost reductions achieved since the
beginning of 2010, offset in part by the decrease in referral fee
revenue.
-- Net investment loss of $68,000 for the fourth quarter of 2011
compared to net investment income of $257,000 for the same period
last year. Net investment income of $322,000 for 2011 compared to
$1,266,000 for the same period last year.
-- Net loss of $11,174,000, or $0.54 per diluted common share,
for the fourth quarter of 2011 compared to a net loss of
$6,032,000, or $0.29 per diluted common share, for the fourth
quarter of 2010. Net loss of $18,250,000, or $0.88 per diluted
common share, for 2011 compared to a net loss of $13,602,000, or
$0.88 per diluted common share, for 2010.
(1) See the table below for a definition of Adjusted EBITDA
(deficit), a non-GAAP financial measure. The table provides a
description of this non-GAAP financial measure and a reconciliation
to the most directly comparable GAAP measure.
Commenting on these results, Robert Brooks, CEO of Titanium
Asset Management Corp. said:
"We are pleased to report positive EBITDA for 2011 which
reflects significant progress since the current management team
assumed responsibilities at the beginning of 2010. Since that time,
we have reduced our ongoing annualized administrative expenses from
approximately $25.1 million to approximately $20.6 million by
reorganizing and integrating various elements of our business. At
this reduced structural cost, we believe we can achieve significant
growth in profitability as we achieve revenue growth."
"During 2011, we were disappointed to suffer a significant loss
in the distributed assets and our referral fees. In addition, the
sluggish economy continues to create a challenging environment in
which to grow our core managed assets. Nonetheless, we were able to
take significant steps in overcoming these challenges and we are
proud to have achieved the turnaround that we targeted for
2011."
"Our investment management teams continue to achieve solid
investment performance and several of our fixed income strategies
are performing in the upper deciles of our peer group rankings for
their three year investment performance. We believe these strong
performance rankings position us for strong asset growth over the
next year."
For further information please contact:
Titanium Asset Management Corp.
Robert Brooks, CEO 312-335-8300
Seymour Pierce Ltd
Jonathan Wright +44 20 7107 8000
Assets Under Management
Assets under management of $8.3 billion at December 31, 2011
were higher than the $8.1 billion reported at December 31, 2010 due
primarily to positive investment returns. The following table
presents summary activity for 2011 and 2010 periods.
Three months ended 2011 Year ended 2011
========================= ========================== ===== ========================== =====
December 31, vs. December 31, vs.
========================= -------------------------- ===== -------------------------- =====
(in millions) 2011 2010 2010 2011 2010 2010
========================= ------------ ------------ ----- ------------ ------------ -----
Periodic Activity:
========================= ============ ============ ===== ============ ============ =====
Beginning balance $ 8,434.4 $ 8,562.8 $ 8,125.0 $ 8,151.4
========================= ============ ============ ===== ============ ============ =====
Inflows 182.6 252.1 1,526.3 1,410.0
========================= ============ ============ ===== ============ ============ =====
Outflows (432.1) (687.0) (1,740.7) (1,971.1)
========================= ------------ ------------ ===== ------------ ------------ =====
Net flows (249.5) (434.9) (214.4) (561.1)
========================= ------------ ------------ ===== ------------ ------------ =====
Market value change 131.9 (2.9) 406.2 534.7
========================= ------------ ------------ ===== ------------ ------------ =====
Ending balance $ 8,316.8 $ 8,125.0 2% $ 8,316.8 $ 8,125.0 2%
========================= ============ ============ ===== ============ ============ =====
Average Assets Under
Management $ 8,375.6 $ 8,343.9 -1% $ 8,347.2 $ 8,350.6 -2%
========================= ============ ============ ===== ============ ============ =====
Average Fee Rate (basis
points) 24.6 25.0 0% 24.6 24.5 2%
========================= ============ ============ ===== ============ ============ =====
The principle factors affecting our net flows during the periods
ended December 31, 2011 and 2010 include the following:
-- We generated approximately $700 million of new assets in 2009
through our participation in the Term Asset-Backed Securities Loan
Facility ("TALF") of the Federal Reserve Bank of New York. These
assets were added through separate client accounts and our Titanium
TALF Opportunity Fund ("TALF Fund"). We expect the securities
purchased under the TALF program will mature and be redeemed over
the next couple of years, and, as a result, we expect to experience
decreases in these assets under management. In 2010, the TALF
related assets under management decreased by approximately $100
million and in 2011, the TALF related assets under management
decreased by approximately $250 million.
-- Net flows for 2011 were negatively impacted by the loss of
several equity accounts managed under a quantitative strategy.
These accounts totaled approximately $140 million and represented
all of the accounts managed under this strategy. While management
fee revenue was impacted by the loss of these accounts, the loss
did not have a significant impact on profitability as the revenue
was subject to a significant fee sharing arrangement with the
portfolio manager.
-- Multiemployer pension and welfare plans represent
approximately 34% of our client base, and these plans have been
faced with a challenging economic environment over the last several
years due to the equity market collapse of 2008 and general
business conditions that affect their contribution and withdrawal
levels. These factors have led to higher levels of outflows from
our fixed income strategies throughout the last two years. Net
inflows from multiemployer pension and welfare plans were
approximately $87 million during 2011 compared to net outflows of
approximately $320 million during 2010. The net outflows for 2010
include a $170 million multiemployer pension client that decided to
change to an indexing strategy.
-- Since 2008, the lack of individual investor confidence in the
equity markets has led to higher account closures and withdrawals
of equity assets, particularly in our retail accounts. During 2011,
this withdrawal activity significantly subsided as total outflows
of equity assets were approximately $80 million compared to
approximately $180 million in 2010.
-- Net flows for 2011 were positively impacted by the addition
of approximately $20 million of equity assets of a mutual fund for
which Clal serves as investment advisor, and for which we serve as
sub-advisor pursuant to a sub-advisory agreement with Clal.
Market value changes reflect our investment performance. Fixed
income assets comprised approximately 90% of our total assets under
management at December 31, 2011. Fixed income returns as measured
by the Barclay's Aggregate Index were 1.1% for the three months
ended December 31, 2011 and 7.8% for the year-to-date period ended
December 31, 2011 (for the comparable 2010 periods the returns were
-1.3% and 6.6%, respectively). Approximately 50% of our fixed
income assets with defined performance benchmarks outperformed
their respective benchmarks for the year ended December 31,
2011.
Equity assets comprised approximately 7% of our total assets
under management at December 31, 2011. Equity returns as measured
by the S&P 500 Index were 11.8% for the three months ended
December 31, 2011 and -2.1% for the year-to-date period ended
December 31 (for the comparable 2010 periods the returns were 10.7%
and 15.0%, respectively). Approximately 20% of our equity assets
outperformed their respective benchmarks for the nine months ended
December 31, 2011.
The following table presents summary breakdowns for our assets
under management at December 31, 2011 and December 31, 2010.
December % of December % of
31, 31,
(in millions) 2011 total 2010 Total
------------ ------- ------------ -------
By investment strategy:
Fixed income $ 7,483.4 90% $ 7,137.4 88%
Equity 621.4 7% 781.3 10%
Real estate 212.0 3% 206.3 2%
------------ ------- ------------ -------
Total $ 8,316.8 100% $ 8,125.0 100%
============ ======= ============ =======
By client type:
Institutional $ 7,178.9 86% $ 6,902.8 85%
Retail 1,137.9 14% 1,222.2 15%
------------ ------- ------------ -------
Total $ 8,316.8 100% $ 8,125.0 100%
============ ======= ============ =======
By investment vehicle:
Separate accounts $ 7,540.2 91% $ 7,246.9 89%
Private funds 776.6 9% 878.1 11%
------------ ------- ------------ -------
Total $ 8,316.8 100% $ 8,125.0 100%
============ ======= ============ =======
Our mix of assets under management by investment strategy was
relatively unchanged as fixed income assets comprised 90% of total
assets under management at December 31, 2011, compared to 88% at
December 31, 2010.
Our mix of assets under management by client type was relatively
unchanged as institutional accounts comprised 86% of total assets
under management as of December 31, 2011 compared to 85% at
December 31, 2010.
Our mix of assets under management by investment vehicle was
relatively unchanged as separate accounts comprised 91% of total
assets under management as of December 31, 2011 compared to 89% at
December 31, 2010.
Distributed Assets
We earn referral fees on clients referred to Attalus Capital LLC
("Attalus"), a hedge fund manager with whom we have a referral
arrangement. The assets managed by Attalus under this arrangement
decreased from $894.4 million at December 31, 2010 to $374.0
million at December 31, 2011, primarily due to client redemptions.
The activity related to these assets was as follows:
For the three months For the year ended
ended
December 31, December 31,
----------------------- ----- ---------------------- -----
(in millions) 2011 2010 2011 2010
----------- ---------- ----- ---------- ---------- -----
Periodic Activity:
Beginning balance $ 736.5 $ 997.5 $ 894.4 $ 974.9
Inflows - - 8.2 24.2
Outflows (337.7) (127.9) (501.2) (127.9)
Market value change (24.8) 24.8 (27.4) 23.2
----------- ---------- ---------- ----------
Ending balance $ 374.0 $ 894.4 $ 374.0 $ 894.4
=========== ========== ========== ==========
Average Assets Under
Management $ 555.3 $ 946.0 -21% $ 745.6 $ 975.2 -14%
Average Referral
Fee Rate (basis points) 11.6 25.1 -43% 14.8 24.8 -40%
During 2011, we experienced significant decreases in the assets
managed by Attalus as a result of several factors, including
Attalus' overall fee rates, the investment performance of the hedge
funds managed by Attalus relative to the performance of other hedge
funds, and certain changes in Attalus' management. Starting January
1, 2011, Attalus reduced its average fee rates, which reduced our
referral fee rate and revenue (an approximate $900,000 reduction to
our annualized referral fee revenues). The combination of these
factors resulted in outflows totaling approximately $500 million
(representing approximately $800,000 of annualized referral
fees).
Attalus has also informed us that they have received further
redemption requests that are expected to be effective at the end of
the first quarter of 2012. The additional redemption requests total
approximately $170 million (representing approximately $300,000 of
annualized referral fees). These redemptions would reduce the
assets under management to approximately $200 million, with an
annualized referral fee rate of approximately $300,000.
Operating Results
Three Months Ended Year Ended
December 31, December 31,
---------------------------- ------------------------------
2011 2010 2011 2010
------------- ------------- -------------- --------------
Average assets under management
(in millions) $ 8,375.6 $ 8,343.9 $ 8,347.2 $ 8,350.6
Average fee rate (basis
points) 24.6 25.0 24.6 24.5
Average distributed assets
under management (in millions) $ 555.3 $ 946.0 $ 745.6 $ 975.2
Average referral fee rate
(basis points) 11.6 25.1 14.8 24.8
Investment management
fees $ 5,160,000 $ 5,223,000 $ 20,507,000 $ 20,463,000
Incentive fees 262,000 689,000 262,000 689,000
Referral fees 161,000 594,000 1,106,000 2,418,000
------------- ------------- -------------- --------------
Total operating revenue 5,583,000 6,506,000 21,875,000 23,570,000
Adjusted EBITDA (deficit)(1) 541,000 473,000 664,000 (592,000)
Amortization of intangible
assets 2,692,000 829,000 6,692,000 3,315,000
Impairment of goodwill 8,923,000 5,900,000 12,423,000 11,000,000
Operating loss (11,106,000) (6,289,000) (18,572,000) (14,868,000)
Net investment income
(loss) (68,000) 257,000 322,000 1,266,000
Net loss (11,174,000) (6,032,000) (18,250,000) (13,602,000)
Earnings per share:
Basic $ (0.54) $ (0.29) $ (0.88) $ (0.66)
Diluted $ (0.54) $ (0.29) $ (0.88) $ (0.66)
(1) See the table below for a definition of Adjusted EBITDA, a
non-GAAP financial measure. The table provides a description of
this non-GAAP financial measure and a reconciliation to the most
directly comparable GAAP measure.
Our 2011 fourth quarter investment management fees decreased
$63,000, or 1.2%, relative to the fourth quarter of 2010 due to a
modest decrease in our average fee rate. For the annual periods,
our investment management fees increased $44,000, or 0.2%, due to a
modest increase in our average fee rate.
Our 2011 fourth quarter referral fee revenue decreased $433,000,
or 72.9%, compared to the referral fee revenue for the fourth
quarter of 2010. Referral fee revenue for 2011 decreased by
$1,312,000, or 54.3%, compared to the referral fee revenue for the
same period last year. The decreases reflect a combination of asset
redemptions incurred by Attalus throughout 2011 and a reduction in
our average referral fee rate due to Attalus' reduction in its
fees.
Our Adjusted EBITDA for the fourth quarter of 2011 was $541,000,
an increase of $68,000, or 14.4%, over the comparable amount for
the 2010 period. Our Adjusted EBITDA for 2011 included severance
costs of $469,000. Excluding severance costs, our Adjusted EBITDA
for the year ended December 31, 2011 would have been $1,133,000.
Our Adjusted EBITDA deficit for the year ended December 31, 2010
included severance costs of $918,000. Excluding severance costs,
our Adjusted EBITDA deficit for the year ended December 31, 2010
would have been $326,000. The improvement to EBITDA in the 2011
periods primarily reflects the cost reductions, offset in part by
the decrease in referral fee revenue.
Amortization of intangible assets
Throughout 2011, the Company considered the impact of recurring
redemptions of the Attalus assets and their impact on the remaining
useful life of its NIS referral relationship intangible asset. The
most recent assessment at year end resulted in reducing the
estimated remaining useful life to approximately 15 months as of
October 1, 2011. The $3,376,000 increase in amortization expense in
2011 reflects these revisions to the estimated remaining useful
life of the intangible asset related to the referral relationship.
As a result of the most recent revision to the estimated remaining
useful life, we expect that the total annual amortization expense
will increase to $9,604,000 for 2012.
Goodwill impairment
In completing our annual impairment test for goodwill as of
December 31, 2011, we concluded that the goodwill balance was
impaired and recognized an additional impairment charge of
$8,923,000.
Following the end of the first quarter of 2011, we were notified
by Attalus of redemptions and a reduction in our referral fee rates
that significantly exceeded the estimates that were received in
connection with the 2010 year end assessment of goodwill. From
ensuing discussions with the management of Attalus, we became aware
of additional concerns with the relationship that may impact our
marketing relationship beyond the current contractual period. These
factors caused the Company to further reduce its long-term forecast
of referral fee revenues and triggered an interim assessment of
goodwill as of March 31, 2011. As a result of that assessment, we
had concluded that goodwill had been impaired and recognized an
impairment charge of $3,500,000 as the reduction in the forecast
long-term referral fee revenues had resulted in a reduced estimate
of the Company's value.
In total, we recognized impairment charges of $12,423,000 during
2011.
During 2010, we recognized goodwill impairment charges totaling
$11,000,000 based on impairment tests completed as of September 30,
2010 and December 31, 2010.
Forward-looking Statements
Statements in this press release which are not historical facts
may be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are subject to a number of assumptions, risks, and uncertainties,
many of which are beyond our control.
Any forward-looking statements made in this press release speak
as of the date made and are not guarantees of future performance.
Actual results or developments may differ materially from the
expectations expressed or implied in the forward-looking
statements, and we undertake no obligation to update any such
statements. Results may differ significantly due to market
fluctuations that alter our assets under management; a further
decline in our distributed assets; termination of investment
advisory agreements; impairment of goodwill and other intangible
assets; our inability to compete; market pressure on investment
advisory fees; ineffective management of risk; changes in interest
rates, equity prices, liquidity of global markets and international
and regional political conditions; or actions taken by Clal Finance
Ltd., as our significant stockholder. Additional factors that could
influence Titanium's financial results are included in its
Securities and Exchange Commission filings, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
The Company's Annual Report on Form 10-K for the year ended
December 31, 2011, is expected to be filed with the Securities and
Exchange Commission on or about March 9, 2012. The report will be
available on the SEC's website at www.sec.gov and on the Company's
website at www.ti-am.com.
Titanium Asset Management Corp.
Condensed Consolidated Balance Sheets
December December
31, 31, 2010
2011
-------------- --------------
(unaudited)
Assets
Current assets
Cash and cash equivalents $ 2,787,000 $ 4,698,000
Investments 2,990,000 3,354,000
Accounts receivable 3,718,000 4,783,000
Other current assets 828,000 1,179,000
-------------- --------------
Total current assets 10,323,000 14,014,000
Investments in equity investees 4,707,000 5,898,000
Property and equipment, net 478,000 455,000
Goodwill 13,264,000 25,147,000
Intangible assets, net 14,913,000 21,605,000
Total assets $ 43,685,000 $ 67,119,000
============== ==============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 91,000 $ 42,000
Acquisition payments due - 4,000,000
Other current liabilities 2,334,000 3,539,000
-------------- --------------
Total current liabilities and total liabilities 2,425,000 7,581,000
Commitments and contingencies
Stockholders' equity
Common stock, $0.0001 par value; 54,000,000
shares authorized; 20,634,232 and 20,442,232
shares issued and outstanding at December
31, 2011 and December 31, 2010, respectively 2,000 2,000
Restricted common stock, $0.0001 par value;
720,000 shares authorized; 612,716 issued
and outstanding at December 31, 2011 and
2010 - -
Preferred stock, $0.0001 par value; 1,000,000
shares authorized; none issued - -
Additional paid-in capital 100,971,000 100,971,000
Accumulated deficit (59,618,000) (41,368,000)
Other comprehensive income (loss) (95,000) (67,000)
Total stockholders' equity 41,260,000 59,538,000
-------------- --------------
Total liabilities and stockholders' equity $ 43,685,000 $ 67,119,000
============== ==============
Titanium Asset Management Corp.
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended Year ended
December 31, December 31,
----------------------------------- ------------------------------------
2011 2010 2011 2010
----------------- ---------------- ----------------- -----------------
Operating revenues $ 5,583,000 $ 6,506,000 $ 21,875,000 $ 23,570,000
Operating expenses:
Administrative 5,074,000 6,066,000 21,332,000 24,123,000
Amortization of intangible
assets 2,692,000 829,000 6,692,000 3,315,000
Impairment of goodwill 8,923,000 5,900,000 12,423,000 11,000,000
----------------- ----------------
Total operating expenses 16,689,000 12,795,000 40,447,000 38,438,000
----------------- ----------------
Operating loss (11,106,000) (6,289,000) (18,572,000) (14,868,000)
Other income
Interest income 19,000 43,000 85,000 276,000
Net realized gains (losses)
on investments (23,000) 39,000 (41,000) 220,000
Income (loss) from equity
investees (64,000) 175,000 278,000 786,000
Interest expense - - - (16,000)
----------------- ----------------
Loss before taxes (11,174,000) (6,032,000) (18,250,000) (13,602,000)
Income tax benefit - - - -
Net loss $ (11,174,000) $ (6,032,000) $ (18,250,000) $ (13,602,000)
================= ================ ================= =================
Earnings (loss) per share
Basic $ (0.54) $ (0.29) $ (0.88) $ (0.66)
Diluted $ (0.54) $ (0.29) $ (0.88) $ (0.66)
Weighted average number
of common shares outstanding:
Basic 20,634,232 20,660,913 20,634,232 20,680,157
Diluted 20,634,232 20,660,913 20,634,232 20,680,157
Titanium Asset Management Corp.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Year ended
December 31,
----------------------------------
2011 2010
---------------- ----------------
Cash flows from operating activities
Net loss $ (18,250,000) $ (13,602,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Amortization of intangible assets 6,692,000 3,315,000
Impairment of goodwill 12,423,000 11,000,000
Depreciation 121,000 100,000
Share compensation credit - (139,000)
Loss (gain) on investments 41,000 (220,000)
Income from equity investees (278,000) (786,000)
Income distributions from equity investees 169,000 552,000
Accretion of acquisition payments - 16,000
Changes in assets and liabilities:
Decrease in accounts receivable 1,065,000 247,000
Decrease (increase) in other current assets 351,000 (17,000)
Increase (decrease) in accounts payable 49,000 (195,000)
Decrease in other current liabilities (1,205,000) (165,000)
---------------- ----------------
Net cash provided by operating activities 1,178,000 106,000
---------------- ----------------
Cash flows from investing activities
Purchases of investments (5,085,000) (13,294,000)
Sales and redemptions of investments 5,380,000 22,470,000
Investments in equity investees - (5,000,000)
Capital distributions from equity investees 1,300,000 1,515,000
Purchases of property and equipment (144,000) (128,000)
Acquisitions of subsidiaries, net of cash
acquired (4,540,000) (5,744,000)
Net cash used in investing activities (3,089,000) (181,000)
---------------- ----------------
Net decrease in cash and cash equivalents (1,911,000) (75,000)
Cash and cash equivalents:
Beginning 4,698,000 4,773,000
---------------- ----------------
Ending $ 2,787,000 $ 4,698,000
================ ================
Non-cash investing and financing activities
-
Additional acquisition obligations $ - $ 4,000,000
Reclassification of deferred stock grant
obligation $ - $ 960,000
Titanium Asset Management Corp.
Reconciliation of Adjusted EBITDA
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
----------------------------------- ------------------------------------
2011 2010 2011 2010
----------------- ---------------- ----------------- -----------------
Operating loss $ (11,106,000) $ (6,289,000) $ (18,572,000) $ (14,868,000)
Amortization of intangible
assets 2,692,000 829,000 6,692,000 3,315,000
Impairment of goodwill 8,923,000 5,900,000 12,423,000 11,000,000
Depreciation expense 32,000 33,000 121,000 100,000
Share compensation credit - - - (139,000)
----------------- ---------------- ----------------- -----------------
Adjusted EBITDA (deficit) $ 541,000 $ 473,000 $ 664,000 $ (592,000)
================= ================ ================= =================
Notes:
(1) Adjusted EBITDA (deficit) is defined as operating income or
loss before non-cash charges for amortization and impairment of
intangible assets and goodwill, depreciation, and share
compensation expense. We believe Adjusted EBITDA (deficit) is
useful as an indicator of our ongoing performance and our ability
to service debt, make new investments, and meet working capital
obligations. Adjusted EBITDA (deficit), as we calculate it may not
be consistent with computations made by other companies. We believe
that many investors use this information when analyzing the
operating performance, liquidity, and financial position of
companies in the investment management industry.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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