RAB Capital reported its assets under management were $1.9 billion as of Dec. 31, down 76% from $7.2 billion a year earlier. This includes $570 million in lock-ups.
However, due to cutting its administrative expenses by more than 50%, from $118 million to $55 million, the firm said its operating profit would remain steady. However, Chief Executive Officer Stephen Couttie said the outlook for 2009 remains uncertain: After a very challenging year, RAB has been able to maintain its balance sheet strength through positive operating cash flow. We expect the continuing market dislocations will bring further challenges in the early months of 2009, and it is too early to comment on the outlook for the year as a whole.