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Value Partners 2011 Profit Slides 74% on Lower Fees, Valuations

Value Partners Group Ltd., a Hong Kong-based asset manager of $7.7 billion assets, said net income dropped 74 percent last year on lower fees and valuation losses on securities.

Net income declined to HK$167.3 million ($21.6 million), or 9.5 Hong Kong cents a share, from HK$653.2 million, or 39.9 Hong Kong cents, a year earlier, it said in a statement to the Hong Kong stock exchange today. It declared a final dividend of 5.8 Hong Kong cents a share.

Asset managers like Value Partners suffered last year after the MSCI World Index of developed nations dropped 11 percent in the second half amid deepening concerns about the European debt crisis, slowing global growth and Asian governments’ moves to curb inflation.

Value Partners’ total revenue, which includes different types of fees, decreased 36 percent to HK$688.9 million, the company said.

Its Hong Kong-traded stock rose 1.5 percent to close at HK$5.37 before today’s announcement, extending this year’s gain to 35 percent.

The company said on March 2 it will report a 74 percent decrease in profit for last year amid global stock market declines in the second half.

Performance fees tumbled 80 percent to HK$139.5 million as funds’ net asset values fell below high watermarks, the historical peaks above which they can charge such fees, or other benchmarks, it said.

Assets Slip

The firm’s funds reported HK$95.1 million of paper and realized losses on investments, reversing the HK$85.2 million gains in 2010, it added in today’s statement.

Value Partners’ assets under management slipped 9 percent to $7.2 billion in the year to December, according to separate stock exchange statements.

It announced on March 8 that it agreed to buy KBC Asset Management NV’s 49 percent stake in KBC Goldstate Fund Management Co., making it the first Hong Kong-based asset manager to invest in a mainland Chinese mutual fund company. Shanghai-based KBC Goldstate oversees 970 million yuan ($153 million).

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