StockMarketWire.com - Titanium Asset Management reports that managed assets increased 1.6% during the third quarter of 2012 to $8,713.2 million reflecting positive market returns that were partially offset by net outflows.

Average managed assets of $8,644.4 million for the third quarter of 2012 were 2.7% higher relative to the $8,418.4 million for the same period last year.

Investment management fee revenues were $5,715,000 for the third quarter of 2012, a 10.2% increase from investment management fee revenues of $5,186,000 for the same period last year primarily due to the higher average managed asset levels and a higher average fee rate.

For the year to date, average managed assets of $8,548.4 million were 2.4% higher than the average managed assets of $8,351.1 million for the same period last year.

Investment management fee revenue were $16,467,000 for 2012 year to date period, a 7.3% increase from investment management fee revenues of $15,347,000 for the same period last year due to the higher average managed asset levels and a higher average fee rate.

Distributed assets, which represent assets that have been referred to a hedge fund manager on which we receive referral fees, further declined from $199.1 million to $140.0 million during the third quarter of 2012 with further declines expected over the fourth quarter of 2012.

Adjusted EBITDA continued to improve during the third quarter of 2012. Adjusted EBITDA was $761,000 for the third quarter of 2012, compared to an Adjusted EBITDA deficit of $67,000 for the same period last year. Adjusted EBITDA was $1,616,000 for the 2012 year to date period, compared to Adjusted EBITDA of $123,000 for the same period last year.

The ongoing improvements in Adjusted EBITDA primarily reflect the improved investment management fee revenues and the structural cost reductions achieved over the last two years, which have more than offset the decrease in referral fee revenue.


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