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Section 1: 8-K (8-K)

blk-8k_20190116.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 16, 2019

 

 

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

 

DELAWARE

(State or other jurisdiction

of incorporation)

001-33099

(Commission

File Number)

32-0174431

(IRS Employer

Identification No.)

 

 

55 East 52nd Street, New York, New York

 

10055

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 810-5300

 

_________________________________________________________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition

 

On January 16, 2019, BlackRock, Inc. (the “Company”) reported results of operations for the three months and year ended December 31, 2018. A copy of the earnings release issued by the Company is attached as Exhibit 99.1. In addition, a copy of the Company’s Earnings Release Supplement for the quarter ended December 31, 2018 is being furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

 

(d)  Exhibits

 

99.1

Earnings release dated January 16, 2019 issued by the Company

99.2

Fourth Quarter 2018 Earnings – Earnings Release Supplement

 

 

 

 



EXHIBIT INDEX

 

99.1

Earnings release dated January 16, 2019 issued by the Company

99.2

Fourth Quarter 2018 Earnings – Earnings Release Supplement

 

 



SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

BlackRock, Inc.

 

(Registrant)

 

 

 

 

 

By: /s/ Gary S. Shedlin          

Date: January 16, 2019

Senior Managing Director and

 

Chief Financial Officer

 

Gary S. Shedlin

 

 

 

(Back To Top)

Section 2: EX-99.1 (EARNINGS RELEASE DATED JANUARY 16, 2019)

blk-ex991_6.htm

Exhibit 99.1

 

 

 

 

 

INVESTOR RELATIONS:

Samantha Tortora      212.810.5397

 

MEDIA RELATIONS:

Brian Beades    212.810.5596

 

New York, January 16, 2019 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2018.

 

BlackRock Reports Full Year 2018 Diluted EPS of $26.58, or $26.93 as adjusted

Fourth Quarter 2018 Diluted EPS of $5.78, or $6.08 as adjusted

 

 

 

 

 

 

$124 billion of full year total net inflows, led by iShares®, active multi-asset and illiquid alternatives

Record $81 billion of quarterly iShares inflows reflects market leadership in high-growth ETF sector

4% increase in full year revenue driven by growth in base fees and technology services revenue, partially offset by lower performance fees

Restructuring charge of $60 million from initiative to modify the size and shape of the workforce excluded from as adjusted results

4% growth in full year operating income (5% as adjusted)

$3.6 billion returned to shareholders in 2018, including

$1.7 billion of full year share repurchases

5% increase in quarterly cash dividend to $3.30 per share approved by Board of Directors

Laurence D. Fink, Chairman and CEO:

 

“BlackRock’s scale and strategic positioning allowed us to deliver organic growth, revenue growth, and operating leverage in 2018, while simultaneously investing in our highest growth opportunities and returning $3.6 billion in capital to shareholders. The benefits of the investments we have made to build the most diversified global asset management and technology services firm in the world are clearer today than at any point in our history.

 

“BlackRock generated total net inflows of $124 billion in 2018. This included $50 billion of fourth quarter net inflows and record quarters for iShares and illiquid alternative strategies. Technology services revenue grew 19% in 2018, driven by strong demand for Aladdin and our digital wealth technologies. Our results reflect continued growth in these key initiatives and the resilience of our platform.

 

“BlackRock is well positioned to deliver the holistic portfolio solutions, technology services and strategic counsel that clients increasingly are seeking, especially in the face of meaningful headwinds for the asset management industry. We will continue to invest in our platform to ensure BlackRock is even better positioned to serve clients and consistently deliver long-term value to shareholders in the years ahead.”

 

 

 

 

 

FINANCIAL RESULTS  

(in millions,

Q4

 

Q4

 

 

Full Year

 

except per share data)

2018

 

2017*

 

 

2018

 

2017*

 

AUM

$

5,975,818

 

$

6,288,195

 

 

$

5,975,818

 

$

6,288,195

 

% change

 

(5

)%

 

 

 

 

 

(5

)%

 

 

 

Total net flows

$

49,773

 

$

102,929

 

 

$

123,629

 

$

367,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

3,434

 

$

3,764

 

 

$

14,198

 

$

13,600

 

% change

 

(9

)%

 

 

 

 

 

4

%

 

 

 

Operating income

$

1,246

 

$

1,485

 

 

$

5,457

 

$

5,254

 

% change

 

(16

)%

 

 

 

 

 

4

%

 

 

 

Operating margin

 

36.3

%

 

39.5

%

 

 

38.4

%

 

38.6

%

Net income(1) (2)

$

927

 

$

2,295

 

 

$

4,305

 

$

4,952

 

% change

 

(60

)%

 

 

 

 

 

(13

)%

 

 

 

Diluted EPS

$

5.78

 

$

14.01

 

 

$

26.58

 

$

30.12

 

% change

 

(59

)%

 

 

 

 

 

(12

)%

 

 

 

Weighted average

   diluted shares

 

160.5

 

 

163.8

 

 

 

161.9

 

 

164.4

 

% change

 

(2

)%

 

 

 

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income(3)

$

1,310

 

$

1,488

 

 

$

5,531

 

$

5,269

 

% change

 

(12

)%

 

 

 

 

 

5

%

 

 

 

Operating margin(3)

 

43.5

%

 

44.7

%

 

 

44.3

%

 

44.1

%

Net income(2) (3)

$

975

 

$

1,013

 

 

$

4,361

 

$

3,698

 

% change

 

(4

)%

 

 

 

 

 

18

%

 

 

 

Diluted EPS(3)

$

6.08

 

$

6.19

 

 

$

26.93

 

$

22.49

 

% change

 

(2

)%

 

 

 

 

 

20

%

 

 

 

 

 

*

Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.

(1)

GAAP net income for fourth quarter 2017 reflected $1.2 billion of net tax benefit related to the Tax Cuts and Jobs Act.

(2)

Net income represents net income attributable to BlackRock, Inc.

(3)

See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

 

 

 

Q4

 

 

Full Year

 

(in billions)

2018

 

 

2018

 

Long-term net flows:

$

43.6

 

 

$

123.3

 

 

 

 

 

 

 

 

 

 

 

By region:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

60.5

 

 

 

156.9

 

 

EMEA:

 

(0.4

)

 

 

(23.3

)

 

APAC:

 

(16.5

)

 

 

(10.3

)

 

 

 

 

 

 

 

 

 

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

 

Retail:

$

(3.2

)

 

$

20.7

 

 

 

U.S.:

 

6.5

 

 

 

25.9

 

 

 

International:

 

(9.7

)

 

 

(5.2

)

 

 

 

 

 

 

 

 

 

 

 

iShares:

$

81.4

 

 

$

167.5

 

 

 

Core:

 

33.2

 

 

 

106.2

 

 

 

Non-Core:

 

48.2

 

 

 

61.3

 

 

 

 

 

 

 

 

 

 

 

 

Institutional:

$

(34.6

)

 

$

(64.9

)

 

 

Index:

 

(27.0

)

 

 

(53.7

)

 

 

Active:

 

(7.6

)

 

 

(11.2

)

 

 

 

 

 

 

 

 

 

 

Cash management net flows:

$

6.1

 

 

$

0.0

 

 

 

 

 

 

 

1


 

BUSINESS RESULTS

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

Q4 2018

 

 

 

Q4 2018

 

December 31, 2018

 

Q4 2018

 

AUM

 

Base fees(1)

 

 

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

 

% of Total

 

 

RESULTS BY CLIENT TYPE

Retail

$

(3,178

)

$

610,850

 

$

840

 

 

10

%

 

30

%

 

iShares ETFs

 

81,402

 

 

1,731,425

 

 

1,054

 

 

29

%

 

38

%

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

(7,568

)

 

1,079,979

 

 

502

 

 

18

%

 

18

%

 

Index

 

(27,064

)

 

2,103,230

 

 

238

 

 

35

%

 

9

%

 

Total institutional

 

(34,632

)

 

3,183,209

 

 

740

 

 

53

%

 

27

%

 

Long-term

 

43,592

 

 

5,525,484

 

 

2,634

 

 

92

%

 

95

%

 

Cash management

 

6,146

 

 

448,565

 

 

145

 

 

8

%

 

5

%

 

Advisory

 

35

 

 

1,769

 

 

-

 

 

-

 

 

-

 

 

Total

$

49,773

 

$

5,975,818

 

$

2,779

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY INVESTMENT STYLE

Active

$

(12,283

)

$

1,617,780

 

$

1,328

 

 

27

%

 

48

%

 

Index and iShares ETFs

 

55,875

 

 

3,907,704

 

 

1,306

 

 

65

%

 

47

%

 

Long-term

 

43,592

 

 

5,525,484

 

 

2,634

 

 

92

%

 

95

%

 

Cash management

 

6,146

 

 

448,565

 

 

145

 

 

8

%

 

5

%

 

Advisory

 

35

 

 

1,769

 

 

-

 

 

-

 

 

-

 

 

Total

$

49,773

 

$

5,975,818

 

$

2,779

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY PRODUCT TYPE

Equity

$

28,292

 

$

3,035,825

 

$

1,365

 

 

50

%

 

49

%

 

Fixed income

 

3,100

 

 

1,884,417

 

 

766

 

 

32

%

 

28

%

 

Multi-asset

 

7,297

 

 

461,884

 

 

287

 

 

8

%

 

10

%

 

Alternatives

 

4,903

 

 

143,358

 

 

216

 

 

2

%

 

8

%

 

Long-term

 

43,592

 

 

5,525,484

 

 

2,634

 

 

92

%

 

95

%

 

Cash management

 

6,146

 

 

448,565

 

 

145

 

 

8

%

 

5

%

 

Advisory

 

35

 

 

1,769

 

 

-

 

 

-

 

 

-

 

 

Total

$

49,773

 

$

5,975,818

 

$

2,779

 

 

100

%

 

100

%

 

(1)

Base fees include investment advisory, administration fees and securities lending revenue.

 

INVESTMENT PERFORMANCE AT DECEMBER 31, 2018(1)

One-year period

 

Three-year period

 

Five-year period

 

  Fixed income:

 

 

 

 

 

 

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

 

 

 

 

 

 

Taxable

48%

 

69%

 

82%

 

Tax-exempt

47%

 

71%

 

76%

 

  Index AUM within or above applicable tolerance

98%

 

99%

 

98%

 

  Equity:

 

 

 

 

 

 

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

 

 

 

 

 

 

Fundamental

50%

 

67%

 

78%

 

Systematic

32%

 

83%

 

93%

 

  Index AUM within or above applicable tolerance

97%

 

98%

 

99%

 

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 12 for performance disclosure detail.

CAPITAL MANAGEMENT

BlackRock’s Board of Directors approved a 5% increase in the quarterly cash dividend to $3.30 per share, payable March 21, 2019, to shareholders of record at the close of business on March 6, 2019.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Wednesday, January 16, 2019 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 7965387). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 3:30 p.m. (Eastern Time) on Wednesday, January 16, 2019 and ending at midnight on Wednesday, January 30, 2019. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 7965387. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of December 31, 2018, the firm managed approximately $5.98 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

 

2


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

2018

 

 

2017*

 

 

Change

 

 

2018

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

$

2,779

 

 

$

2,897

 

 

$

(118

)

 

$

2,883

 

 

$

(104

)

Investment advisory performance fees

 

100

 

 

 

285

 

 

 

(185

)

 

 

151

 

 

 

(51

)

Technology services revenue

 

203

 

 

 

176

 

 

 

27

 

 

 

200

 

 

 

3

 

Distribution fees

 

271

 

 

 

306

 

 

 

(35

)

 

 

279

 

 

 

(8

)

Advisory and other revenue

 

81

 

 

 

100

 

 

 

(19

)

 

 

63

 

 

 

18

 

Total revenue

 

3,434

 

 

 

3,764

 

 

 

(330

)

 

 

3,576

 

 

 

(142

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

1,020

 

 

 

1,147

 

 

 

(127

)

 

 

1,097

 

 

 

(77

)

Distribution and servicing costs

 

420

 

 

 

433

 

 

 

(13

)

 

 

408

 

 

 

12

 

Direct fund expense

 

224

 

 

 

237

 

 

 

(13

)

 

 

249

 

 

 

(25

)

General and administration

 

449

 

 

 

450

 

 

 

(1

)

 

 

413

 

 

 

36

 

Restructuring charge

 

60

 

 

 

-

 

 

 

60

 

 

 

-

 

 

 

60

 

Amortization of intangible assets

 

15

 

 

 

12

 

 

 

3

 

 

 

13

 

 

 

2

 

Total expense

 

2,188

 

 

 

2,279

 

 

 

(91

)

 

 

2,180

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,246

 

 

 

1,485

 

 

 

(239

)

 

 

1,396

 

 

 

(150

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

(67

)

 

 

33

 

 

 

(100

)

 

 

50

 

 

 

(117

)

Interest and dividend income

 

41

 

 

 

14

 

 

 

27

 

 

 

29

 

 

 

12

 

Interest expense

 

(46

)

 

 

(46

)

 

 

-

 

 

 

(46

)

 

 

-

 

Total nonoperating income (expense)

 

(72

)

 

 

1

 

 

 

(73

)

 

 

33

 

 

 

(105

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,174

 

 

 

1,486

 

 

 

(312

)

 

 

1,429

 

 

 

(255

)

Income tax expense (benefit)

 

247

 

 

 

(815

)

 

 

1,062

 

 

 

226

 

 

 

21

 

Net income

 

927

 

 

 

2,301

 

 

 

(1,374

)

 

 

1,203

 

 

 

(276

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

  interests

 

-

 

 

 

6

 

 

 

(6

)

 

 

(13

)

 

 

13

 

Net income attributable to BlackRock, Inc.

$

927

 

 

$

2,295

 

 

$

(1,368

)

 

$

1,216

 

 

$

(289

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

158,859,998

 

 

 

161,272,950

 

 

 

(2,412,952

)

 

 

160,141,506

 

 

 

(1,281,508

)

Diluted

 

160,450,266

 

 

 

163,777,534

 

 

 

(3,327,268

)

 

 

161,378,217

 

 

 

(927,951

)

Earnings per share attributable to BlackRock, Inc.

   common stockholders (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

5.84

 

 

$

14.23

 

 

$

(8.39

)

 

$

7.59

 

 

$

(1.75

)

Diluted

$

5.78

 

 

$

14.01

 

 

$

(8.23

)

 

$

7.54

 

 

$

(1.76

)

Cash dividends declared and paid per share

$

3.13

 

 

$

2.50

 

 

$

0.63

 

 

$

3.13

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

5,975,818

 

 

$

6,288,195

 

 

$

(312,377

)

 

$

6,444,100

 

 

$

(468,282

)

Shares outstanding (end of period)

 

158,520,147

 

 

 

161,046,825

 

 

 

(2,526,678

)

 

 

159,804,364

 

 

 

(1,284,217

)

GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

36.3

%

 

 

39.5

%

 

 

(320

) bps

 

 

39.0

%

 

 

(270

) bps

Effective tax rate

 

21.0

%

 

 

(55.1

)%

 

 

7,610

  bps

 

 

15.7

%

 

 

530

  bps

As adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (1)

$

1,310

 

 

$

1,488

 

 

$

(178

)

 

$

1,400

 

 

$

(90

)

Operating margin (1)

 

43.5

%

 

 

44.7

%

 

 

(120

) bps

 

 

44.2

%

 

 

(70

) bps

Nonoperating income (expense), less net income

     (loss) attributable to noncontrolling interests

$

(72

)

 

$

(5

)

 

$

(67

)

 

$

46

 

 

$

(118

)

Net income attributable to BlackRock, Inc. (2)

$

975

 

 

$

1,013

 

 

$

(38

)

 

$

1,214

 

 

$

(239

)

Diluted earnings attributable to BlackRock, Inc.

     common stockholders per share (2) (3)

$

6.08

 

 

$

6.19

 

 

$

(0.11

)

 

$

7.52

 

 

$

(1.44

)

Effective tax rate

 

21.2

%

 

 

31.7

%

 

 

(1,050

) bps

 

 

16.0

%

 

 

520

  bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See pages 10-11 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

 

*

Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.  

 

 

 


3

 


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2018

 

 

2017*

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities

      lending revenue

$

11,553

 

 

$

10,868

 

 

$

685

 

Investment advisory performance fees

 

412

 

 

 

594

 

 

 

(182

)

Technology services revenue

 

785

 

 

 

657

 

 

 

128

 

Distribution fees

 

1,155

 

 

 

1,183

 

 

 

(28

)

Advisory and other revenue

 

293

 

 

 

298

 

 

 

(5

)

Total revenue

 

14,198

 

 

 

13,600

 

 

 

598

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

4,320

 

 

 

4,253

 

 

 

67

 

Distribution and servicing costs

 

1,675

 

 

 

1,663

 

 

 

12

 

Direct fund expense

 

998

 

 

 

895

 

 

 

103

 

General and administration

 

1,638

 

 

 

1,446

 

 

 

192

 

Restructuring charge

 

60

 

 

 

-

 

 

 

60

 

Amortization of intangible assets