- Titanium Asset Management took a goodwill impairment charge of $4.85m in the third quarter, reflecting subdued activity in retail equity markets. Its net loss of $6.2m compared with a loss of $1.6m for the third quarter of 2008.

The group reported revenue of $5.0m for Q3, a 30% increase over the same period last year.

Performance fees generated for the year to date but not yet recognized totalled $1.07m (Q3 2008 nil). Managed and fee-paying assets increased by 10.9% to $9.29m.

Q3 saw a reduction in the EBITDA loss to $0.56m from $1.03m in the second quarter.

Chairman and CEO Nigel Wightman said, 'During the quarter we saw a significant rise in managed and fee paying assets from institutional clients, reflecting better markets, fixed income inflows... and encouraging growth in our hedge fund business. Our new real estate division also began managing assets for its first client.

"Our retail US equity business however remained subdued, in line with the rest of the industry. While we expect some growth in 2010 we have scaled back our long-term forecasts for US equity inflows.

'We have therefore taken a write-down of goodwill to reflect both this and the continuing high legal and professional costs associated with our being a public reporting company.'

Other expenses were continuing to decline as the group integrated its four subsidiaries and reduced headcount. Net asset flows had remained positive in the early part of the fourth quarter.

Story provided by Business Financial Newswire