Artio Global Investors' assets under management in the first quarter totaled $11.513 billion, down 20% from the previous quarter and 57% below the first quarter 2012, the company said in an earnings statement late Monday.
The asset decline was attributed primarily to net client outflows, which were $3.146 billion for the latest quarter, compared with net outflows of $3.827 billion for the quarter ended Dec. 31 and net outflows of $5.995 billion for year-earlier quarter.
Market appreciation in the first quarter was $327 million.
Net outflows continued to be focused on Artio's two biggest strategies, International Equity I and II, whose performance has struggled in recent years. International Equity Fund I ended the quarter with $1.272 billion in assets, down 43% from the previous quarter and 80% less than the first quarter a year ago. International Equity Fund II had $961 million in assets as of March 31, a 55% decline from three months earlier and 89% less than March 31, 2012.
All of Artio's other investment strategies also saw net outflows in the first quarter — including Artio High Grade Fixed Income, with assets of $5.384 billion, down 4% from the fourth quarter and 6% from the year-earlier quarter, and High Yield, with assets of $3.828 billion, down 9% and 23%, respectively.
Aberdeen Asset Management, which is in the process of acquiring Artio for $175 million, said when the deal was announced in February that it was buying the firm for its fixed-income capabilities. The closing date for the deal has not been announced.
Revenue for the latest quarter came in at $15.6 million, down 25% from the fourth quarter and 64% below the first quarter 2012.
The firm had a net loss for the first quarter of $5.17 million, vs. net income of $1.53 million in the fourth quarter and net income of $6.46 million in the first quarter 2012.
