Publicly held asset management firms issued their year-end 2004 reports in the past two weeks. In all but one case, the firms reported gains in assets under management.
Among those reporting:
• AMVESCAP's assets under management were $382.1 billion for the year ended Dec. 31, up 3% from the previous year, said Bill Hensel, director of media relations.
The firm's assets under management were $362.7 billion for the quarter ended Sept. 30. AMVESCAP reported net profit before tax, goodwill amortization and exceptional items of £269.8 million ($507 million), compared with £270.3 million in 2003.
Revenues for 2004 and 2003 were nearly identical at roughly £1.16 billion each year.
"While many of AMVESCAP's businesses around the world enjoyed great success during 2004, the market-timing investigation held back our U.S. business for much of the year," Charles W. Brady, executive chairman, said in a statement.
"AMVESCAP ended the year with a renewed focus on serving our clients and regaining business momentum."
• EACM Advisors' assets under management reached $5 billion as of Dec. 31, up from $4.6 billion in August when the firm was acquired by Mellon Financial, according to a news release from the company.
More than $3 billion of the manager of managers' assets were in hedge fund-of-funds strategies.
• Calamos Asset Management reported assets under management jumped 60% for the year ended Dec. 31, to $38 billion.
In a news release, Calamos reported net inflows of $10.6 billion, of which $9.8 billion was for mutual funds and $800 million for separate accounts. Market appreciation accounted for the remaining $3.6 billion boost.
The firm reported net income of $4 million for the two-month period since its shares began trading Nov. 2.
• T. Rowe Price Group reported record assets under management of $235.2 billion as of Dec. 31, up $45.2 billion, or 24%, from the end of 2003.
In a press release, the firm said $24.5 billion of that increase resulted from market appreciation, while $20.7 billion reflected net inflows. The firm's mutual funds attracted $12.7 billion of that, almost 50% more than their previous record intake in 1996; and institutional products attracted $8 billion.
Net income surged 48% for the year, to $337 million.
• Gabelli Asset Management's assets under management rose 4% to $28.7 billion as of Dec. 31, according to a press release from the firm. The firm's institutional and high-net-worth business accounted for $13.6 billion of that total, up 4.3% from the previous year, while its mutual fund business had a record $12.4 billion in assets under management, up 6.5%. The firm reported net income of $62.6 million for the year, up 26% from 2003.
• Harris Associates, adviser of the Oakmark mutual funds, reported that its assets under management stood at $60.3 billion as of Dec. 31, up 31% from a year earlier, according to a press release.
• Alliance Capital Management ended 2004 with $539 billion in assets under management, up 12.9% from the year before, according to a news release from the company.
Alliance attributed the gain to market appreciation and net inflows. Most of those gains came during the fourth quarter, when $9 billion in net inflows erased a nine-month deficit, leaving Alliance with full-year inflows of $8.3 billion.
Alliance reported $7.7 billion in institutional client inflows for the year, which helped offset $4 billion in retail outflows. The company's value equity strategies did best, with assets under management climbing 30% for the year to $193 billion as of Dec. 31. By contrast, assets under management in Alliance's growth equity strategies edged up a scant 1.7% to $123 billion.
Alliance Capital Management Holding LP, the firm's parent, reported that net income for 2004 surged 115% to $710.2 million, helped by higher average assets under management and higher performance fees, which partially offset fee reductions in U.S. retail mutual funds.
• Franklin Resources' total assets under management as of Dec. 31 were $402.2 billion, rising 11% from $361.9 billion in the third quarter and 19% from the previous year, according to a news release from the company.
The firm's net income totaled $240 million in the quarter ended Dec. 31, compared with $172.3 million a year earlier. Investment management fees were $566.5 million as of Dec. 31, up 25% from 2003.
• Affiliated Managers Group's assets under management surged 42% to $129.8 billion for the year ended Dec. 31.
About $25 billion of the $38.5 billion increase was due to new investments in money management firms, said spokeswoman Brett Perryman.
That does not include roughly $3 billion from the purchase of the Fremont Funds, which was finalized earlier in January. AMG's net income jumped 27% for the year to $77.1 million.
• Old Mutual Asset Management's 21 investment management subsidiaries had a combined $184.6 billion under management as of Dec. 31, up 19.8% from 2003, said Tucker Hewes, spokesman. Net inflows accounted for 8 percentage points of that rise, with market appreciation accounting for the remaining 11.8 percentage points, according to a news release from the company.
• Janus Capital Group's total assets under management as of Dec. 31 were $139 billion, down 8.3% from the previous year, according to a news release.
CEO Steve Scheid said in the release that Janus had made significant progress on both performance and in stabilizing the firm's assets under management.
The firm's net income for 2004 was $169.5 million, down sharply from $942.7 million in 2003.
Excluding non-recurring items, such as a $807.7 million gain from the sale of DST Systems Inc. in late 2003 and charges of $73.8 million related to the mutual fund investigation, Janus reported adjusted net income for 2004 of $137 million, down 46% from the previous year.