Sceptre Investment Counsel Ltd. reported lower earnings for its third quarter.

Third quarter earnings were $1,216,000, compared with $1,638,000 for the same period last year. Revenue for the third quarter was $7,671,000 compared with $9,200,000 for the third quarter last year.

Assets under management declined in the third quarter due to the sell off in global equity markets as well as some loss of assets in its Institutional and Personal Asset Management businesses. Alliance account assets increased with the addition of new clients, while the Sceptre mutual fund business was basically flat.

The firm says that it continues to push forward on the retail mutual fund joint venture with Putnam Investments LLP. “Results are in line with our initial projections despite less than friendly markets.”

Total expenses declined by 11% as compared to the same quarter one year ago while compensation expenses were down by 16% over the same comparable period.

“The decline in the stock market over the summer as well as some further loss of business has put our earnings well below our dividend” said William Malouin, CEO of Sceptre. Earnings per share were 9¢, and the firm is paying a 20¢ dividend. “We retained the current dividend of 20¢ for this quarter and we anticipate paying one further dividend at that level. After that, we will lower the dividend and follow our prior policy of paying out substantially all of our earnings.”

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