Operating Highlights
- Successful launch of High Conviction Equities Trust in December 2014; net performance fee of $0.3m
- AVT management fee reduced to 1.00% and performance fee deficit set to zero in April 2015
- Investment income of $0.4m: interest, distributions, and dividends
- Excellent investment performance for most funds
- Significant reduction in net outflows
- $0.9m reduction in operating expenses partially offset by $0.6m increase in performance-related bonuses
- Increased sales and marketing focus on ‘direct’ investors
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