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Rating:Aston's Parent Posts Higher Q3 Net Income Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, November 17, 2009

Aston's Parent Posts Higher Q3 Net Income

Reported by Armie Margaret Lee

Highbury Financial, which owns Chicago fund firm Aston Asset Management, recorded net income of $851,580 for the third quarter, up from $641,004 in the year-ago period. Denver-based Highbury, founded by Berkshire Capital honchos, had approximately $6.2 billion of AUM at the end of September, compared to $5.1 billion as of end-June and approximately $4.5 billion as of end-September 2008.

During the third quarter, Highbury purchased the remaining 35 percent stake it didn't already own in Aston. In exchange, Aston's management team obtained 1,000 shares of preferred stock of Highbury.

In July, three Highbury stockholders pushed for changes in Highbury's management and in response, the firm's board created a special committee to look into strategic alternatives.

"While the Special Committee evaluates strategic alternatives for the Company, management and the Board of Directors will continue to seek to create, enhance and preserve value for our stockholders." stated Highbury CEO Dick Foote

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