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Rating:Nuveen Reports Higher AUM for Q4 Not Rated 2.0 Email Routing List Email & Route  Print Print
Thursday, February 28, 2008

Nuveen Reports Higher AUM for Q4

Reported by Erin Kello

Nuveen reported it's Q4 earnings today. The company reported $32 million in outflows from it's mutual funds in Q4, compared with $1.015 billion in inflows in Q4 of 2006. Nuveen's mutual fund AUM stood at $19,195 billion at the end of Q4, compared to $18,532 billion at the end of Q4 2006.

Prior Reports

San Antonio-based boutique shop U.S. Global Investors reported an $2.5 million in net income, or 16 cents per diluted share during its second fiscal quarter of 2008, which ended December 31, 2007. In the second fiscal quarter of 2007, the company reported an EPS of 16 cents per share. AUM for the latest quarter averaged $5.6 billion, up 19 percent from an average of $4.7 billion during the second fiscal quarter of 2007.

The Phoenix Companies reported net income of $4.5 million for Q4 2007, down from $44.3 million in Q4 2006. Earnings per share were 4 cents in Q4 2007, compared to 38 cents in Q4 2006. Analysts had expected EPS of 27 cents per share. The company recorded a $20.9 million after tax loss "largely due to impairments." Also, the company recorded a $4.7 million loss related to the sale of the company's last remaining international operation. Phoenix also announced today that it intends to spin off its asset management division in Q3 of 2008.

Invesco LTD, parent of Powershares and AIM Investments, reported earnings yesterday. The company's net income was $175.9 million in Q4. EPS were 43 cents per share, up from 41 cents in Q3. Powershares' AUM was $14.5 billion, as of December 31, 2007. Inflows to Invesco's money-market funds in Q4 were $3.5 billion.

SEI Investments saw fourth quarter net income fall 16 percent due to a charge of $25.1 million related to support agreements covering SIV-holdings in its money market funds. The Oaks, Pennsylvania-based firm posted net income of $53.6 million, or 27 cents per share, in the final quarter of 2007, down from $63.6 million, or 31 cents per share, in the year-ago period.

Affiliated Managers Group reported earnings per share of $2.15, 5 cents above analysts' estimates of $2.10 a share. Net income was $60.9 million, compared to $49.0 million for the fourth quarter of 2006. The Prides Crossing, Massachusetts-based company, whose affiliates include Tweedy, Browne and Freiss Associates, saw mutual fund net outflows of $519 million in the fourth quarter. Mutual fund AUM totaled $62.1 billion at the end of 2007, up from $58.24 billion in 2006.

Legg Mason's net income was down 11 percent in its fiscal third quarter. In the three months ended December 31, the Baltimore-based fund firm posted earnings of $154.6 million, or $1.07 a share, down from $174.6 million, or 1.21 a share, in the year-ago period. The average profit estimate of analysts surveyed by Thomson Financial was $1.11 a share. Legg's Q4 results included a charge of $23 million to support some funds which held asset-back commercial paper. AUM at the end of December was $998.5 billion, down 1 percent from end-September, but higher by 6 percent from 2006.

Naperville, Illinois-based Calamos reported an EPS of 42 cents per share in Q4, besting analysts' estimates of 34 cents. Net income for the company was $9.3 million, compared with $8.9 million in Q4 of 2006. AUM as of December 31, 2007 fell 1 percent to $46.2 billion from $46.7 billion at the end of Q3 2007. The decrease is attributed to net redemptions of $59 million and $479 million in market depreciation.

Baltimore-based T.Rowe Price reported earnings of 68 cents per share, beating analysts' expectations by 5 cents. The company reported a net income of $191 million, for Q4. Net inflows for the year to T. Rowe's mutual funds were $20.2 billion. AUM for the company was $400 billion as of December 31, 2007.

JPMorgan Asset Management reported net revenue of $2.4 billion, up 23 percent from Q4 of 2006. AUM was $1.2 trillion, up 18 percent, or $180 billion, from the prior year. Institutional revenue grew 21 percent, to $754 million and retail revenue grew 18 percent, to $640 million.

State Street Global Advisors reported a 21 percent jump in management revenue. Total assets under management as of December 31, 2007, grew 13 percent from the end of 2006. SSgA’s fixed income assets increased 21 percent in the same period.

Larry Fink's BlackRock blew analysts' estimates out of the water, reporting earnings per share of $2.43 for Q4, well above the predicted $2.15 a share. Net income for Q4 was $322 million. AUM for the company totaled $1.357 trillion at December 31, 2007, up $232.0 billion since December 31, 2006.

DST Systems reported an EPS of 92 cents per share, under analysts' predictions of $1.02 per share. Net income for Q4 was $63.7 million.

Cohen & Steers reported income of 44 cents per share, beating analysts' estimates by 2 cents per share. The New York City-based firm reported net income of $18.7 million. The news coming out of Cohen & Steers was not all good, though. The company saw AUM decrease from $34.7 billion at September 30, 2007 to $29.8 billion as of December 31, 2007, a drop of 14.2 percent. The company attributes the decline to net outflows of $710 million and market depreciation of $4.2 billion.

Janus reported earnings of 36 cents per share for Q4, beating expectations of 32 cents per share by analysts polled by Thomson Financial. The Denver fund firm also reported net income of $61.6 million for Q4. Janus' AUM decreased from $208.0 billion at September 30, 2007 to $206.7 billion as of December 31, 2007. The decrease in assets reflects long-term net inflows of $3.2 billion, money market net outflows of $5.7 billion and $1.2 billion in fund performance. Janus's INTECH subsidiary saw long-term net inflows of $0.1 billion during the fourth quarter 2007 compared with long-term net outflows of $2.2 billion in Q3 of 2007.

San Mateo, California-based Franklin Resources reported earnings of $2.12 per share, far beyond analysts' estimates of $1.90 a share. The company posted net income of $518.3 million. Total AUM for the company's subsidiaries was $643.7 billion at December 31, down from $645.9 billion at the end of September.

Federated Investors recorded an EPS of 52 cents per share for Q4, coming in 3 cents short of analysts' estimates. AUM for the Pittsburgh firm increased to $301.6 billion at the end of the year, up $64.2 billion or 27 percent from $237.4 billion at the close of 2006. The AUM increase came mainly from a $63 billion increase in money-market fund assets. Federated also recorded a brush with the subprime contagion, reporting $1.2 million pre-tax charge related to the company's collateralized debt obligation product.

The Hartford saw retail mutual fund deposits top $3.5 billion in the fourth quarter, up 14 percent from the year-ago period. At the end of 2007, AUM for the Connecticut-based firm was $50.5 billion up 26 percent over 2006.

Novato, California-headquartered Hennessy Advisors reported earnings per share of 12 cents per share for the three months ended December 31, which is Q1 in the company's books. The company's EPS decreased 37 percent from the comparable period in 2006. Total mutual fund assets were $1.43 billion at end-December compared to $2.03 billion at the close of 2006.  

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