Seamark Asset Management Ltd. today announced a drop in earnings for the first quarter ended March 31.

Net earnings for the quarter were $316,000, or 3¢ a share, down sharply from $1.01 million, or 9¢ a share, for the year ago period.

Total revenue for the quarter was $3.07 million, down from $4.06 million a year ago.

Assets under management (AUM) were $3.8 billion as of Mar. 31, 2008, down from $3.9 billion at the beginning of the quarter and $4.7 billion a year
ago.

Net new assets from clients added $13 million to AUM during the quarter as deposits exceeded withdrawals.

Overall AUM declined by $96 million, reflecting the downturn in global equity markets over the first three months of the year.

“Investment performance and new client mandates are setting a positive tone,” says Stuart Raftus, President & CEO. “Investment performance was very strong during the turbulent market conditions of the first quarter.

Director Hugh Brown, who is retiring from Seamark’s board of directors, stated “I am confident that Seamark has turned the corner. Seamark has the management and the investment personnel to successfully move the company forward.”