Canada-based Matrix Asset Management has reported a net loss of C$1.77 million for the second quarter ended 30 June 2013, compared to a net loss of C$1.53 million a year ago.
Total revenue for the second quarter declined to C$5.3 million from C$6.4 million during the same period last year.
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At the end of the second quarter, total AUM was C$1 billion compared C$1.1 billion as at 30 June 2012.
David Levi, president and CEO of Matrix, said: "Management’s cost-cutting measures have reduced recurring expenses by $0.7 million compared to the same period last year and Matrix continues to review options for further expense reductions.
"Matrix is pleased to report the previously announced sale of the operating assets (excluding working capital) of its subsidiary, SEAMARK Asset Management.
"The previously announced agreement to sell 100% of the portfolio management, custodian and related contracts for the Matrix Funds to Marquest Asset Management is scheduled to be completed by 31 August 2013 and is expected to help improve the Company’s working capital position."
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