Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2015.
Net loss for the quarter ended December 31, 2015 from continuing operations was $0.1 million ($0.00 per share) versus net income from continuing operations in the quarter ended December 31, 2014 of $0.8 million ($0.03 per share). The current year’s quarter includes a gain on discontinued operations of $0.3 million ($0.01 per share) which represents the Corporation’s share of performance fees realized by the purchaser of BluMont Capital Corporation. This represents the final contingent payment by the purchaser of BluMont Capital Corporation.
In the current quarter, the Corporation realized net performance fees of approximately $0.4 million from the Managed Futures operations. Strong performance by Managed Futures is reflected in both performance fees noted above and in investment gains on the seed capital committed to a fund which we are subadvisors.
John Robertson, President and CEO, said “AUM increased to approximately $2.4 billion at December 31, 2015, higher by approximately $600 million from September 30, 2015 due to the closing in October of the fifth Private Debt Fund, raising total commitments of $667 million. Between outstanding commitments to Real Estate and the new Private Debt Fund, we have approximately $800 million in commitments to deploy. We are paid based on invested, or in the market assets, not capital committed.
As those investments are made, we will see an increase in fee revenue and a steadily growing stream of recurring management fees. This should result in increasing profitability as there will be little increase in overhead required to deploy and manage the additional revenue generating assets.
In addition, we expect to close our first Infrastructure Debt Fund in the second quarter of the fiscal year, thus further increasing committed capital for deployment.”
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