Mar. 14, 2012 (China Knowledge) - Value Partners Group Ltd<0806
>, the largest fund company in Hong Kong
by asset size under management, said yesterday that its profit attributable to equity holders of the company fell 74.4% year on year to HK$167.3 million last year, mainly due to a sharp decline in performance fees and a mark-to-market loss on its fund investments.
Basic earnings per share were 9.5 HK cents last year, 76.3% less than in the previous year. The company proposed a final dividend of 5.8 HK cents per share.
Value Partners saw its total revenue drop 35.9% year on year to HK$688.9 million in 2011. Gross management fees surged 42.9% year on year to HK$ 491.4 million during the period, while gross performance fees dived 80.3% to HK$139.5.
The company's assets under management were US$7.2 billion at the end of last year, down 9.9% from a year earlier, and had risen to US$7.7 billion as of Jan. 31, 2012.
Last year, the group completed the acquisition of a 55.46% stake in Taiwan-based fund management firm Value Partners Concord Asset Management Co (VP Concord) and subsequently increased its stake to slightly over 60%. The group also set up a joint venture private equity fund management company in Kunming
Value Partners Group, established in 1993, is a dedicated value investor with a focus on the Greater China. In November 2007, the group became the only asset management firm listed on the main board of the Hong Kong