For the third quarter of 2010, Artio Global Investors
adjusted net income of $23.8 million, or $0.40 per diluted share, a decrease of three percent and two percent, respectively, from adjusted net income of $24.4 million, or $0.41 per diluted share, for the second quarter of 2010, and a decrease in each case of 15 percent from adjusted net income of $28.0 million, or $0.47 per diluted share, for the third quarter of 2009.
Artio's AUM stood at $53.9 billion as of the end of September, down $1.9 billion, or three percent, from $55.8 billion as of September 30, 2009, "due to net client cash outflows, partly offset by market appreciation," according to the company.
Its net client cash outflows for the third quarter of 2010 were $1.4 billion, driven primarily by net client cash outflows from its International Equity I and II strategies and its High Grade Fixed Income strategy, partly offset by net client cash inflows into its High Yield strategy9.
"Buoyed by favorable market conditions, market appreciation more than offset net outflows during the third quarter, while adjusted earnings per share were essentially unchanged from the prior quarter," CEO and CIO Richard Pell
, said in a statement.
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