BluMont Capital Posts $0.9 Million Net Income for First Quarter.TORONTO -- BluMont Capital Inc. ("BluMont" or the "Corporation") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BCC (Blind Carbon Copy) The field in an e-mail header that names additional recipients for the message. It is similar to carbon copy (cc), but the names do not appear in the recipient's message. Not all e-mail systems support the bcc feature. See fcc. ) announced today its first quarter results for fiscal 2005. Net income for the three-month period ended December 31, 2004 was $853,796 or $0.03 per share. Revenues grew 18% from $5,436,139 in the quarter ending December 31, 2003 to $6,392,260 for the three-month period ending December 31, 2004. Core management fees increased 5% due to higher assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. ("AUM Aum (ä·ōōmˑ), n.pr 1. in Ayurveda, the subtle, noiseless cosmic vibration in which consciousness existed in the beginning, before the elements appeared. ") and performance fees grew 24% from $3,518,505 in the quarter ended December 31, 2003 to $4,371,751 in the quarter ended December 31, 2004. The performance of BluMont's group of hedge funds over six months ended December 31, 2004 contributed significantly to the results of the Corporation. After paying the related investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and fees and dealer service fees associated with the performance fee revenue of $4.4 million, approximately $2.2 million was retained by the Corporation versus $2.3 million that was retained in the quarter ended December 31, 2003. AUM increased approximately $93 million during the three months ended December 31, 2004 as a result of new assets raised in both the BluMont Man guaranteed structured products and the Corporation's open-end funds. In early December, a seventh BluMont Man structured product raised $32.8 million and there was asset appreciation of approximately $28 million in the BluMont Man products during the quarter. AUM of the Corporation's open-end funds increased during the quarter primarily due to sales of the BluMont Hirsch Performance Fund ("Performance Fund") which saw the fund grow to over $54 million at December 31, 2004 from $33 million at September 30, 2004. The Performance Fund (a fund that charges no management fee) returned 12.1% for the year ended December 31, 2004 and has a 16.6% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return since its September 1997 inception. The Corporation recently announced it will close the Performance Fund to new investors the earlier of March 31, 2005 or upon reaching $150 million in AUM. "It is with great pleasure to present our quarterly financial results to our shareholders" said Mr. Toreigh Stuart, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BluMont. "Calendar 2005 is looking to be a promising year with several new product offerings planned, including BluMont Man open-end fund-of-funds, additional structured guaranteed note offerings and a yield-oriented product. In addition, we have launched our offshore fund platform with the BluMont Hirsch Long/Short Offshore Fund." BluMont's December 31, 2004 Quarterly Report, which can be accessed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review or on BluMont's website at www.blumontcapital.com, provides more information on the Corporation's quarterly results. About BluMont Capital BluMont is a leading provider of alternative investment products to Canadian investors. Specializing in hedge funds, the firm offers investors innovative investment solutions that provide enhanced diversification and robust return potential. Established in 2000, BluMont employs almost 50 people nationwide and has approximately C$635 million in assets under management as of January 31, 2005. BluMont is 46.1% owned by Toronto-based Integrated Asset Management Corp. (TSX VENTURE:IAM IAM - Interactive Algebraic Manipulation. Interactive symbolic mathematics for PDP-10. ["IAM, A System for Interactive Algebraic Manipulation", C. Christensen et al, Proc Second Symp Symb Alg Manip, ACM Mar 1971]. ), a leading alternative asset manager with over C$2.6 billion in assets under management and commitments. Further information on BluMont can be found at www.blumontcapital.com. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. BluMont Capital Corp. (TSX VENTURE:BCC) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion