- Wisconsin-based Titanium Asset Management Corp reported an EBITDA deficit of $0.59m for the year to December, down 80% from the previous $2.89m.

Assets under management totalled $9.02m at the year-end, a fall of 5.7% from September 30 and down 1.1% from a year earlier.

The company said its net outflows were partly due to a $170m pension fund client switching to an indexed strategy.

Operating revenues were up 4.9% to $23.6m.

Net investment income was $1.27m compared with $0.40m for 2009.

Net loss was $13.6m, or $0.66 per share, compared with the previous $21.17m or $1.03 per share.

Fourth-quarter adjusted EBITDA was a positive $0.47m against a deficit of $0.31m for the same period last year.

Q4 operating revenues were down 4.9% to $6.51m.

CEO Robert Brooks said improved operating performance reflected the benefits of reorganisation and integration activities throughout 2010, resulting in significant reductions in structural administrative expenses while the group continued to grow revenues.

In the fourth quarter, 72% of the company's managed assets had outperformed their benchmarks.

'While our investment performance remained strong, we had a challenging fourth quarter as we lost a significant managed client that decided to change to an indexing strategy, we had partial redemptions of TALF assets, and we experienced a reduction in distributed assets.

'We are working to overcome these challenges and we remain optimistic that 2011 will be a much better year for new business, as we are already seeing increased opportunities.'

At 9:44am [LON:TAM] share price was 0p at 0.9p

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