Seamark Asset Management Ltd. posted at first quarter loss of $5.4 million dollars on costs related to the resignation of its CEO in March, the company said Thursday.

The net loss for the quarter ended March 31, was $5.4 million, or 52¢ a share. That compared with net income of $316,000, or 3¢ a share, in the year-ago period.

The quarterly loss included a 48¢ charge related to the departure of the previous president & CEO, Stuart Raftus, the Halifax-based company said.

Other charge related to the impairment of intangible assets and temporary investments, and a charge elated to an increase in a future tax asset valuation allowance.

Revenue for the quarter was $2.0 million, down from $3.07 million a year ago.

“I am very pleased with the performance of our company and our investment team through what was a very challenging first quarter of 2009,” says Brent Barrie, CEO. “In the first three months of this year our returns on behalf of clients ranked above median in industry surveys for each major mandate we manage.”

“Over the past few months we have brought our quarterly expenses going forward down well below the level of revenues generated during the first quarter. With no reduction in our investment team or the services delivered to clients, we expect to deliver positive cash from operating activities over the remainder of this year, restoring the company to profitability by 2010,” Barrie adds.

After the quarter ended, Seamark announced that it had lost two of its wrap program partners.

Also Thursday, Seamark announced that, effective May 1, Don Wishart, who previously served as CFO & executive portfolio ,anager, will focus full-time on his executive portfolio manager role.

Anita Fifield has been appointed Chief Financial Officer, effective as of the same date.

“Over the past five years, while discharging the duties of Chief Financial Officer, Don has also served as a member of our investment team and has, at various times, led our institutional client service efforts, been Chief Operating Officer, and served as Chief Portfolio Manager,” says Barrie.

“With this change, he will be able to focus his efforts exclusively on investment duties, including continuing to work with the rest of the portfolio management team to deliver continuing excellent investment results and help us attract new clients.”

“Anita has worked closely with Don over the past five years,” adds Barrie. “I’m very pleased to be working with her as CFO going forward.”

Fifield has served with Seamark since 2003, most recently as controller.

Seamark provides investment management services across Canada to institutional clients, mutual funds, private clients, and the managed portfolio advisory programs (wrap programs) of many of Canada’s leading investment dealers.

IE