Loring Ward International Ltd. lost US$6.8 million in 2003 compared with a loss of US$9.1 million a year earlier after the wealth management firm was spun off from its parent company Assante Corp. last year.

Loring Ward, which reports in U.S. dollars, said today the 2003 results included a US$5.8-million charge due to the change of control of its former parent company and a US$5.9-million foreign exchange loss due to Canadian dollar loans with Assante and its affiliates.

Revenue for the year was US$71.5 million, an increase of US$4.9 million over 2002.

Client assets under management reached US$2.2 billion by the end of the year, up 36%.

Operating income for the year from the company’s financial services, business management and sports representation segments was US$15.5 million, up US$3.8 million or 33.1% compared to the US$11.7 million reported for the previous year. For the fourth quarter, operating income was US$5.5 million, US$4 million higher than the US$1.5 million reported in 2002.

“The results show we are starting out on a very positive note,” said Marty Weinberg, president and CEO, in a news release.. “During the past 120 days we’ve been busy laying the new foundation for the future. We’re pleased to see our efforts matched by momentum in our financial performance.”

Loring Ward was spun off from Assante as part of a takeover of the Winnipeg financial services company by CI Fund Management Inc.

Under the transaction, Assante shareholders received one common share of Loring Ward and $8.25 a share in cash or stock in CI. Loring Ward shares are not traded on a stock exchange.