OM Asset Management reported $213.8 billion in assets under management as of Sept. 30, down 1% from June 30 but up 16.4% from a year earlier, said the firm's earnings statement released Wednesday.
The firm attributed the drop in AUM to market depreciation partially offset by net inflows.
OMAM experienced net inflows of $3.1 billion for the three months ended Sept. 30, compared to net inflows of $3.6 billion for the three months ended June 30 and net inflows of $1 billion for the three months ended Sept. 30, 2013.
Broken down by strategy, OMAM's total U.S. equities AUM was $84.4 billion as of Sept. 30, down 2% from June 30 but up 13.7% from Sept. 30, 2013; total global equities was $82.2 billion, down 0.6% from three months earlier but up 22% from a year earlier. Alternative investments, meanwhile, were $32.6 billion, up 2.8% from June 30 and up 12.8% from Sept. 30, 2013; fixed income was $14.6 billion, a 0.7% bump up from the end of the prior quarter and a 10.6% rise from the end of the year-earlier quarter.
Net income for the company was $37.6 million for the third quarter, up 18.6% from the same quarter a year ago. Net revenue, meanwhile, was $159 million for the quarter ended Sept. 30, up 23% from the quarter ended Sept. 30, 2013. A spokeswoman said because OMAM was preparing to go public in October, the company didn't disclose net income or revenue figures for the second quarter.
“We continue to make excellent progress in our collaborative growth initiatives, with approximately $1 billion in gross client cash flows in the quarter into products supported by our seed or growth capital initiatives,” OMAM president and CEO Peter L. Bain said in the firm's earnings statement. “We will also seek growth opportunities through partnerships with at-scale asset management boutiques with strong investment and executive talent and a vision to enhance and expand their businesses.”
Mr. Bain added: “We are very pleased to have undertaken our initial public offering on Oct. 8.”
Following its IPO, OMAM began trading on the New York Stock Exchange at a price of $14 per share on Oct. 9 and closed at $15.12 per share on Wednesday.
