- US-based Titanium Asset Management Corporation reports continued losses for the second quarter to June 30 2009.

Net loss for the period was $1.195m. For the six months to June 30 2009 the company has lost $2.736m which compares with a loss of $1.488 for the corresponding period last year.

Ceo Nigel Wightman comments: 'During the quarter we continued the integration of our four operating businesses. This allowed us to reduce headcount and achieve other savings, the benefits of which will be felt in the coming quarters.

'Investors seem to have made few strategic changes to their portfolios in the first half of the year but as markets stabilize we expect activity to pick up in the second half.

'Our institutional pipeline remains strong and we expect this to translate into significant amounts of new business over the balance of the year. In particular we expect to be major participants in the US Government's TALF programme on behalf of our clients.

'Better market conditions have allowed us to generate $580,000 in performance fees in the quarter on our two absolute return funds. Because these fees are earned on a calendar year basis they are not included in fee income and are subject to change, up or down, over the balance of the year.'

Story provided by Business Financial Newswire