(RTTNews) - Investment advisory company Artio Global Investors Inc. (ART: News ) Friday reported a loss for the quarter, reflecting some significant one-time charges related the company's initial public offering in September. On an adjusted basis, the company reported lower net income, compared with last year, impacted negatively by a 21% decline in revenues.

Net loss for the quarter attributable to the company was $412.42 million or $9.81 per share, compared to net income of $16.28 million or $0.39 per share last year. Latest quarter results include certain non-recurring items and expenses associated with the reorganization of the company's ownership structure in connection with its initial public offering.

Excluding items, net income was $27.9 million or $0.47 per share, down 32% from $41.3 million or $0.69 per share in the year-ago quarter.

On an average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other operating income declined 21% to $84.49 million from $106.53 million in the prior-year quarter, reflecting lower investment management fees. Four analysts estimated revenues of $81.62 million.

Investment management fees for the quarter declined 22% to $83.5 million from $107.6 million, impacted primarily by lower average assets under management.
At the end of the quarter, assets under management were $55.8 billion, down 2% from $56.6 billion in the previous year, due primarily to $2.0 billion of net client cash outflows in the fourth quarter last year, partly offset by $1.3 billion of net client cash inflows in the nine months ended September 30, 2009.

Net client cash inflows for the quarter were $321 million, compared with a net client cash outflows of $1.0 billion a year ago.

Total employee compensation and benefits for the quarter was $363.06 million, much higher than $60.37 million last year. Expenses included $215.8 million associated with the modification and acceleration of the vesting of principals' Class B profits interests in the company's operating subsidiary and $97.9 million in conjunction with the establishment of a tax receivable agreement with the company's principals.

At September 30, Artio Global had cash and cash equivalents of $165.2 million, marketable securities of $8.1 million and undrawn credit facilities of $110.0 million, including $60.0 million term facility and a $50.0 million committed revolving credit facility.

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