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February 10, 2014updated 04 Apr 2017 2:31pm

U.S. Global Investors swings to loss in Q2

U.S. Global Investors, a boutique registered investment advisory firm, has reported a net loss of US$1.16 million for second quarter of fiscal year 2014, compared with a net income of $165,985 a year ago.

By Verdict Staff

U.S. Global Investors, a boutique registered investment advisory firm, has reported a net loss of US$1.16 million for second quarter of fiscal year 2014, compared with a net income of $165,985 a year ago.

For the quarter ended 31 December 2013, the company recorded operating revenues of US$2.74 million compared with US$4.97 million reported a year ago.

Average assets under management were US$1.11 billion for the quarter ended 31 December 2013, compared to an average of US$1.68 billion for the same quarter a year ago, a decrease of about 34%.

The company said that its period-end assets under management stood at US$0.97 billion, versus US$1.61 billion under management as of 31 December 2012.

Frank Holmes, U.S. Global Investors CEO, said: "A big external pressure affecting assets under management has been the fact that global gold equities declined three years in a row. Additionally, the close-to-zero federal funds rate created an industry-wide financial burden to support the yield of money market funds."

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