BARRA Inc. reported record net income for $2.4 million for the quarter ended June 30, up 70% for the same quarter a year ago.
Operating revenue was a record $17.7 million, up 27% from the same period a year ago. The results are due in large part to a 195% increase in its Symphony Asset Management Inc. subsidiary's revenue, to $1.7 million. The revenue includes about $781,000 of performance-based fees from accounts in which investment performance exceeded specified benchmarks. As of June 30, Symphony had $606 million under direct management and $193 million under subadvisory arrangements. Also, revenue from POSIT, an electronic brokerage operation, was up 60% from the same quarter a year ago; the amount of revenue wasn't disclosed.
The earnings report excludes the results of RogersCasey & Associates, which merged with BARRA in a deal completed July 24.
