Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2016 and that its Board of Directors has approved payment of the annual dividend in the amount of $0.06 per common share.
“AUM was approximately $2.4 billion at June 30, 2016, versus $1.7 billion for the quarter ended June 30, 2015. The increase is primarily a result of the Debt Group closing Fund V at $667 million in November 2015.
John Robertson, President and CEO, said “At the end of the third quarter we had approximately $728 million of committed capital to be invested in our Funds. We expect to add to this in the fourth quarter with the anticipated close of the first Infrastructure Debt Fund. As stated in our previous reports, we earn revenue only when committed capital is invested. 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.
The deal flow in both the Debt Group and the Real Estate Group picked up significantly in the quarter, with both groups making a number of investments. As a result, the Real Estate fund is approaching being fully invested, and private debt Fund V is now 8% invested and committed. Further, the transaction pipeline in both businesses continues to be strong and we expect to complete additional investments in the fourth quarter.”
The Board of Directors of the Corporation has approved payment of a regular annual dividend on its outstanding shares of $0.06 per common share which will be paid on September 8, 2016 to shareholders of record on August 18, 2016.
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