SEAMARK Asset Management Ltd. today announced its financial results for 2002. Net income was $10.6 million, up 49% from the $7.1 million earned in 2001.

For the fourth quarter, earnings were $3 million, up 47% from the $2.1 million earned in the same period of 2001.

SEAMARK’s assets under management stood at $9.2 billion at the end of 2002, up from $7.6 billion at the end of 2001. Net new assets of $2.47 billion were brought in over the course of the year, with the majority being added during the first six months. This was partially offset by market value declines of $860 million over the course of 2002 due to weak equity markets.

SEAMARK also announced that its board of directors has identified Robert McKim as the successor to current CEO Peter Marshall.

Since 1996, in his position as president, McKim has taken primary “hands on” responsibility for the management of SEAMARK’s business and, in his role as chief portfolio manager, has directed SEAMARK’s team of investment professionals in the day-to-day management of client portfolios.

Marshall will pass the title of CEO on to McKim on December 31. Marshall will remain actively involved with SEAMARK in his role as Chairman.

The board of directors also a quarterly dividend of 21ยข per share.