OM Asset Management reported $208.7 billion in assets under management as of Sept. 30, down 7.9% from June 30 and down 2.4% from a year earlier, said the firm's earnings statement released Wednesday.
The firm attributed the decrease in AUM to market depreciation and net outflows. It reported net outflows of $2.5 billion for the three months ended Sept. 30, compared to net inflows of $800 million for the three months ended June 30 and net inflows of $3.1 billion for the three months ended Sept. 30, 2014.
Broken down by strategy, OMAM's total U.S. equities AUM was $75.1 billion as of Sept. 30, down 12% from June 30 and down 11% from Sept. 30, 2014; total global equities was $82.4 billion, a 9% decline from three months prior but flat from the same period a year ago. Alternative investments, meanwhile, were $36.5 billion, up 2.2% from June 30 and up 12% from Sept. 30, 2014; fixed income was $14.7 billion, flat from both three and 12 months ago.
Net income for the company was $35 million for the third quarter, compared to net income of $38 million for the second quarter and a net loss of $1.7 million for the third quarter of 2014. Net revenue, meanwhile, was $161.8 million for the quarter, down 3.6% from the quarter ended June 30 and down 37.8% from the year-earlier quarter. The company attributed the decline in revenue to a new accounting standard adopted Jan. 1.