Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the second quarter ended March 31, 2019.
On March 22, 2019, the Corporation announced that it had entered into a definitive arrangement agreement with Fiera Capital Corporation (“Fiera Capital”) (the “Agreement”) under which Fiera Capital will acquire all of the outstanding common shares of IAM (“IAM Shares”) pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”).
John Robertson, President and CEO, said “The sale process is progressing well, while the investing of committed capital continues at a good pace. This quarter we closed our largest fund raise ever at $843 million for IAM Private Debt Fund VI.”
The Corporation reported net income for the quarter ended March 31, 2019 of $0.3 million ($0.01 per share) versus net income in the quarter ended March 31, 2018 of $1.1 million ($0.03 per share). Expenses were higher relative to the comparative quarter in the previous year in part due to fees associated with the sale of the Corporation of approximately $0.8 million. Management fees and other income were higher, at $4.5 million versus $4.1 million in same quarter in fiscal 2018. The increase in management fees and other income compared to fiscal 2018 is the result of deployment of commitments at higher rates.
John Robertson, President and CEO, said “Comparing the second quarter of 2019 to the second quarter of 2018, revenues before performance fees were 10% higher. There were no performance fees in the current quarter versus a performance fee of $1.2 million in the second quarter of 2018.
Expenses for the second quarter of 2019 were $0.3 million higher than the second quarter of 2018 primarily due to fees associated with the sale of the Corporation of approximately $0.8 million. With these factors taken into consideration the operating results for both the quarter and six months were very good.”
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