Artio Global Investors reported $56 billion of client assets as of Dec. 31, 0.3% higher than the prior quarter but up 24% from the year before.
For the latest period, market appreciation of $1.2 billion was largely offset by $1 billion in net client outflows, mostly from an $800 million partial redemption by a subadvisory client in Artio’s International Equity II strategy, according to a news release. The client wasn’t named.
For the quarter ended Sept. 30, the manager had net client inflows of $321 million and $8.7 billion in market-related gains. Net outflows for the year-earlier quarter were $2 billion with market losses of $9.4 billion.
Net income for the latest quarter came to $25.7 million, rebounding from a $412 million loss in the previous three-month period, reflecting a non-recurring $363.1 million employee compensation and benefits expense, relating to an amendment of the company’s compensation agreements with its principals in connection with Artio’s IPO in September, according to a separate company news release. The latest net income was up 94% from the year before.
Revenue, meanwhile, came to $89.6 million, up 6% from the prior quarter and up 23% from the year before.