- Titanium Asset Management reports improved numbers for the fourth quarter and year ended December 31, 2011.

Robert Brooks, CEO of Titanium Asset Management said:"We are pleased to report positive EBITDA for 2011 which reflects significant progress since the current management team assumed responsibilities at the beginning of 2010.

"Since that time, we have reduced our ongoing annualized administrative expenses from approximately $25.1 million to approximately $20.6 million by reorganizing and integrating various elements of our business. At this reduced structural cost, we believe we can achieve significant growth in profitability as we achieve revenue growth."

"During 2011, we were disappointed to suffer a significant loss in the distributed assets and our referral fees. In addition, the sluggish economy continues to create a challenging environment in which to grow our core managed assets. Nonetheless, we were able to take significant steps in overcoming these challenges and we are proud to have achieved the turnaround that we targeted for 2011."

"Our investment management teams continue to achieve solid investment performance and several of our fixed income strategies are performing in the upper deciles of our peer group rankings for their three year investment performance. We believe these strong performance rankings position us for strong asset growth over the next year."

At 9:41am: [LON:TAM] share price was +0.01p at 0.33p

Story provided by