|By Marketwired .||
|May 26, 2014 04:15 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/26/14 -- NexGen Financial Corporation ("NexGen" or "the Company") (TSX VENTURE:NFX) today announced its unaudited financial results for the quarter ended March 31, 2014.
NexGen continues to execute on its business plan by broadening our family of funds with the planned June launch of two new equity strategies. The NexGen US Growth Fund will be sub-advised by JPMorgan Asset Management Inc., and the NexGen Intrinsic Growth Fund, sub-advised by Galibier Capital Management Ltd., of Toronto. While overall AUM(1) has felt the negative effects of the general rotation out of Fixed Income funds, we continue to see growing awareness and acceptance in the market place of our balanced and equity fund offerings.
"New funds have contributed significantly to our AUM. NexGen launched 3 funds in 2013 which have now grown to a combined AUM of $167 million. We have made signficant progress deepening our investment management capabilities and are very pleased to welcome JPMorgan Asset Management Inc. and Galibier Capital Management Ltd. as sub-advisors to the NexGen Funds," said Jeff Young Co-CEO of NexGen.
NexGen is pleased to announce that Ms. Heather Hunter, one of Canada's most highly regarded fund managers, has joined the Company's Board of Directors. Ms Hunter has nearly 40 years of experience in the investment management industry including leading roles at Invesco Canada Ltd. and Ontario Teachers' Pension Plan Board. "Ms Hunter brings a tremendous amount of industry experience which will be of great benefit to our business" said Geoff Matus, Chair of the NexGen Board of Directors.
Q1 2014 Highlights
-- Equity and Balanced fund AUM increased by 34% to $493 million as of March 31, 2014, from $368 million as of March 31, 2013 -- Fixed Income fund AUM decreased by 41% to $390 million as of March 31, 2014, from $660 million as of March 31, 2013 -- AUM increased 0.6% during the quarter as a result of market appreciation -- Net redemptions for the first quarter of 2014 were $25.7 million declining from $38.9 million in the fourth quarter of 2013 -- Operating EBITDA(2) decreased to a negative $0.06 million ($0.01 per share) for the first quarter of 2014, from a positive $0.30 million ($0.06 per share) for the first quarter of 2013
NexGen reported a net loss of $0.37 million ($0.08 loss per share) for the three months ended March 31, 2014, compared with a net loss of $0.19 million ($0.04 loss per share) for the same period in the prior year.
The Company's complete financial results are available at ir.nexgenfinancial.ca and www.sedar.com.
(1) Assets under management or "AUM" refers to the market value of net assets of the investment funds on which management fees are calculated. (2) Operating EBITDA defined by NexGen as earnings before interest, taxes, depreciation and amortization, investment income and other non-cash expenses.
Non-GAAP financial measures such as "Assets Under Management" or "AUM", and "Operating EBITDA" do not have any standardized meaning prescribed by International Financial Reporting
Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flows, or profitability. However, management of NexGen believes that most shareholders, creditors and other stakeholders prefer to include the use of these financial measures in analyzing the Company's results.
About NexGen Financial
NexGen Financial Corporation is a mutual fund company and was founded to develop value added investment solutions for financial advisors and their clients. The firm is focused on the creation of innovative investment products and services that meet the needs of Canadians seeking more tax efficient investment opportunities and greater control over the tax treatment of their investments. Managed by strong investment professionals, NexGen's unique Registered and Tax-Managed Fund offerings are well positioned as attractive investment opportunities for Canadians looking to alleviate the tax costs associated with traditional investment solutions.
This release may contain "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those listed under the heading "Risk Factors" in the Company's Management Discussion and Analysis, which is available on the Company's website and on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the Company believes to be reasonable assumptions, the Company cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
NexGen Financial Corporation
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 29, 2016 04:45 AM EDT Reads: 1,793
Sep. 29, 2016 04:30 AM EDT Reads: 4,672
Sep. 29, 2016 04:00 AM EDT Reads: 1,805
Sep. 29, 2016 04:00 AM EDT Reads: 1,207
Sep. 29, 2016 03:45 AM EDT Reads: 4,818
Sep. 29, 2016 03:30 AM EDT Reads: 3,028
Sep. 29, 2016 03:30 AM EDT Reads: 1,375
Sep. 29, 2016 03:15 AM EDT Reads: 3,573
Sep. 29, 2016 03:15 AM EDT Reads: 1,905
Sep. 29, 2016 03:00 AM EDT Reads: 1,867
Sep. 29, 2016 02:45 AM EDT Reads: 1,718
Sep. 29, 2016 02:30 AM EDT Reads: 520
Sep. 29, 2016 02:30 AM EDT Reads: 2,174
Sep. 29, 2016 02:00 AM EDT Reads: 1,591
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Sep. 29, 2016 01:45 AM EDT Reads: 2,057