OM Asset Management had $218.8 billion in assets under management as of June 30, flat from March 31 and down 3.4% from June 30, 2015, its earnings statement said Thursday.
The firm reported net outflows of $2.9 billion for the second quarter, compared with net inflows of $2.4 billion for the previous quarter and net inflows of $800 million for the same period a year earlier.
“In the second quarter, we continued to make progress executing on our strategy, as we positioned our business for long-term growth by diversifying our franchise through our agreed investment in Landmark Partners. In addition, in July, we strengthened our capital structure through a successful debt offering,” said Peter L. Bain, president and CEO of OMAM in the earnings statement. He said the outflows reflected “an anticipated decrease in the pipeline after several large mandates funded in the first quarter.”Landmark Partners is a global secondary private equity, real estate and real asset firm.
“We expect to complete the transaction this month and look forward to collaborating with the Landmark team to further grow and diversify their business and expand their distribution capabilities outside of the U.S.,” Mr. Bain added.
Broken down by strategy, OMAM's total U.S. equities AUM was $78.6 billion as of June 30, flat from March 31, but down 8% from June 30, 2015; total global equities were $89 billion, up 0.8% from three months prior but down 2% from 12 months earlier. Alternative investments, meanwhile, were $36.9 billion, flat from March 31 but up 3.4% from June 30, 2015; fixed income was $14.3 billion, up 1.4% from the end of the previous quarter but down 3.4% from the second quarter of 2015.
GAAP net income for the company was $36.3 million for the quarter, up 19% from the previous quarter but down 26.5% for the second quarter of 2015. Net revenue, meanwhile, was $156.5 million for the quarter, up 4.6% from the quarter ended March 31 but down 26.7% from the year-earlier quarter.