Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Texas Fund Firm Slims Down By 60 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 17, 2016

A Texas Fund Firm Slims Down By 60 Percent

News summary by MFWire's editors

A publicly-traded mutual fund shop in Texas is shrinking its workforce, outsourcing back-office work, and looking to smart beta as it restructures.

Frank Holmes
U.S. Global Investors
Chief Executive, Chief Investment Officer
On Friday San Antonio-based U.S. Global Investors revealed a net loss of $0.14 per share for its fiscal Q2 2016 (ended December 31, 2015), up year-over-year from a net loss of $0.05 per share. Yesterday on U.S. Global Investors' fiscal Q2 2016 earnings call (as transcribed by Seeking Alpha), CEO and chief investment officer Frank Holmes states that U.S. Global Investors' workforce has been "streamlined" down to 26 employees, from 65.

Kristen Mosbrucker of the San Antonio Business Journal reported on the restructuring at U.S. Global Investors. The paper notes that the fund firm has suffered an earnings drop "nearly every quarter since 2011 and blames the performance on increasing legal costs for regulatory compliance, bear market in emerging markets, and the low price for gold."

Holmes says on the call that U.S. Global has "been really truly challenged" in the last five years.

On the earnings call Holmes, U.S. Global Investors president and general counsel Susan McGee, and chief financial officer Lisa Callicotte talk about the restructuring and about the new partnership with Atlantic Fund Services. In December, Atlantic took over corporate governance service for U.S. Global Investors' funds, and McGee confirms that, "over the next two years," U.S. Global Investors "will move [the funds'] administrative and fund accounting services and their transfer agency services over to Atlantic Fund Services."

"We are very focused on streamlining for stability and growth, building our capability in the ETFs and realizing potential and where we think the markets are going," Holmes says on the call.

Holmes also spent part of the call talking up the lower expenses involved in running ETFs versus traditional mutual funds. So, watch for U.S. Global Investors to create more ETFs.

"We anticipate that we will be launching additional smart beta ETF products in 2016," McGee says on the call. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - Gender Bias in Investment Professional Evaluations, March 9
  2. FinReg Outlook 2021, March 10
  3. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  4. Irish Funds North American Digital Seminar, March 11
  5. Nicsa webinar - Listen, Learn & Lead: Empowering and Sponsoring Women, March 11
  6. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  7. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  8. Women for Impact - A Call to Action, March 16
  9. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  10. Expect Miracles Foundation's Virtual Mystery Game Night, March 24
  11. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  12. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  13. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  14. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  15. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  16. ETF.com Awards 2020, April 20
  17. The 31st Sub-Advised Funds Forum, Apr 20-21
  18. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  19. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  20. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  21. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  22. ICI 2021 General Membership Meeting - Day 1, May 6
  23. ICI 2021 General Membership Meeting - Day 2, May 13
  24. 2021 FINRA Annual Conference, May 18-20
  25. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  26. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use