Revenues, Assets Down More Than 20%
Stilwell is the parent company of
Total assets under management for the company stood at $220.1 billion at the end of June. While that is up $14.2 million from the first quarter, it is still down 30% from the end of the second quarter of 2000.
The decrease in assets under management led to decreased revenues as well. Total revenues for Stilwell in the second quarter were $411.5 million, down 27% from 2000.
'Second quarter 2001 proved to be a challenging, yet successful period for Stilwell and its subsidiaries,' said Landon Rowland, Stilwell's CEO, in a statement. 'Our ongoing earnings were consistent with expectations, but more importantly, thee were several key items that exceeded expectations.'
Among those items was net cash inflow, which exceeded $2 billion, and although far less than in the second quarter of 2000, was still positive considering the behavior of the market in 2001, according to Rowland. Another positive aspect was operating margin, which continued to be higher than 40%, a reflection of