|By Natalie Sherman, The Baltimore Sun|
|McClatchy-Tribune Information Services|
That swing was driven largely by the
Earnings per share were
"There's still a lot of skepticism about a sustainable path, but I'm confident that they can achieve it," he said.
For the October-to-December period,
Assets under management reached
"We're making good progress," CEO
Sullivan said the company hopes to see faster growth in the coming months by increasing the types of investment packages available and expanding distribution. Last month, the company hired a new executive,
"We don't think of ourselves as recovering anymore or in turnaround. We've done that," he said. "Now that doesn't mean we're not constantly looking to improve."
In a report issued Friday,
New types of investments may not be ready fast enough to convince investors to start placing funds with the company in large amounts, he wrote, particularly as factors such as rising interest rates pose threats to the traditional fixed income products that make up
"While management remains focused on addressing its products gaps … it will take time before products can be developed/acquired that will meaningfully add to the flow picture," wrote Chiaverini, adding that the company did better than expected in retaining fixed-income assets in a challenging market.
Neither analysts nor the company mentioned the
"That's separate in and of itself from what else is going on at
The company has moved to make shareholders happy. It repurchased and extinguished 2.3 million shares of its stock this quarter, which can increase its value by reducing the supply.
"That's a very good use of free cash flow," Sykes said of the buyback. "We think that's an undervalued strength."
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