Sceptre Investment Counsel Ltd. says strong investment performance led to an increased profit for the fourth quarter ended Nov. 30, 2004.
On Friday, the money management firm said quarterly earnings were $1,029,000, or 7¢, compared with $938,000, or 7¢ per share for the same period last year.
The increase in profit came even as assets under supervision declined by approximately $2.1 billion during the year as a result of client departures from the Strategic Alliance business with Putnam Investments. Sceptre’s said its revenues declined in line with the decrease in Putnam’s assets under management in Canada.
Revenue for the fourth quarter was $4,731,000 compared with $6,776,000 a year ago.
“In fiscal 2004, I was pleased with the progress that was made towards establishing Sceptre as one of the top independent money managers in the country” said Richard Knowles, president and CEO. “We added to our investment management capabilities with key new hires and continued to diversify our product line-up with particular emphasis on income producing portfolios.”
“Investment performance was strong again this year on both an absolute return and competitor basis,” he added.
Nowles said the company remains optimistic about attracting new assets in fiscal 2005.
Sceptre has $6.4 billion of assets under supervision. The company manages investment portfolios for institutional clients and high net-worth individuals. It also offers a family of seven mutual funds and two closed end funds.
Sceptre’s common shares rose 5¢ to $5.75 on the Toronto Stock Exchange in late afternoon trading.
Sceptre profit rises in fourth quarter
Increase comes despite drop in assets under supervision
- By: IE Staff
- January 17, 2005 January 17, 2005
- 08:25