Seamark Asset Management Ltd. reported a fall in third-quarter earnings, after further declines in the assets under management.
After markets closed Tuesday, the company reported earnings of 28¢ a share, compared to 32¢ a share for the same period last year. Assets under management were $10.2 billion, down from $10.7 billion a year ago.
Chief executive Peter Marshall said the Halifax-based investment manager is hopeful the firm will have a new CEO in place by the new year.
“The board and I have been interviewing qualified candidates, both internal and external … We believe we may be in a position to make a final determination by the end of 2005, though we will not be rushed,” he said in a news release.
Marshall returned to manage the company he founded after the previous CEO, Robert McKim, resigned last May.
The company earned revenues of $6.7 million for the quarter, down from $7.3 million last year.
Institutional clients represented $4.8 billion in assets under management as of Sept. 30, 2005, down from $4.9 billion at the beginning of the quarter but up from $4.7 billion a year ago.
Mutual fund assets represented $3.2 billion at the end of the quarter, unchanged from the beginning of the quarter and from Sept. 30, 2004.
Private client and wrap assets stood at $2.2 billion as of Sept. 30, 2005, unchanged from the beginning of the quarter and down from $2.7 billion a year ago.
Seamark provides investment management services across Canada to institutional clients, mutual fund companies and investment dealers.