CALGARY, March 19, 2014 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the "Company") (TSX:AHF) announces it has filed its Annual Audited Consolidated Financial
Statements for the year ended December 31, 2013 and related Management
Discussion and Analysis with Canadian securities regulatory
For the year ended December 31, 2013, Aston Hill's revenue was $35.6
million, an increase of 45% from 2012 year-end revenue of $24.6
million. The revenue increase was due mainly to the continued growth
and performance of the Aston Hill mutual funds and the acquisition of
CC&L closed end funds in August 2013. Aston Hill Assets under
Management, Administration and Advisory ("AUM") increased 20%
year-over-year from $6.46 billion to $7.77 billion at December 31,
2013. The rise in AUM is mainly the result of new mutual fund
subscriptions and the CC&L acquisition.
General and administrative expenses were $22.2 million for 2013 as
compared to $16.0 million for 2012 due to an increase in headcount for
mutual fund sales and operations and the CC&L acquisition of closed end
investment funds. AUM for the Aston Hill branded mutual funds
increased from $300 million at January 1, 2013 to $665 million at
December 31, 2013. As at February 28, 2014, the Aston Hill open-ended
mutual fund AUM was $798 million as these funds continue to sell at
EBITDA for the year ended December 31, 2013 was $10.0 million before
stock compensation ($8.5 million after stock compensation), up 37% from
the prior year amount of $7.3 million before stock compensation ($5.1
million after stock compensation). The EBITDA increase is a result of
revenue increases from the Company's investment management services and
products offset by increased compensation and operational costs related
to the growth of Aston Hill's mutual funds and the acquisition of the
CC&L closed end investment funds.
The following table represents the breakdown of AUM at December 31, 2013
and the percentage of total revenue by division for the fourth quarter
% of Revenue
Aston Hill Funds
Pensions and Energy Management
Aston Hill Financial Inc. is a diversified asset management company with
a suite of retail mutual funds, closed end funds, private equity funds,
hedge funds and segregated institutional funds. The Company is also
engaged in the administration of Argent Energy Trust (TSX: AET.UN).
Aston Hill has offices in Calgary, Toronto and Halifax.
The TSX has neither approved nor disapproved the information contained
EBITDA: EBITDA is not a standardized earnings measure prescribed by IFRS;
however, management believes that most of its shareholders, creditors,
other stakeholders and investment analysts prefer to use this
performance measure in analyzing Aston Hill's results.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within
the meaning of such statements under applicable securities law.
Forward-looking statements are frequently characterized by words such
as "plan", "continue", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this
news release. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements.
For a detailed description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and
analysis for the year ended December 31, 2013, both of which are
available at www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking statements.
SOURCE: Aston Hill Asset Management Inc.
For further information:
concerning this press release, please contact:
Chief Executive Officer
Aston Hill Financial Inc.
Chief Financial Officer
Aston Hill Financial Inc.