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EX-31.1 - EXHIBIT 31.1 - Titanium Asset Management Corpv325437_ex31-1.htm
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EX-32.1 - EXHIBIT 32.1 - Titanium Asset Management Corpv325437_ex32-1.htm
v2.4.0.6
Investments
9 Months Ended
Sep. 30, 2012
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Investments

Note 3 – Investments

 

The Company’s investments include a current portfolio of debt securities that are accounted for as available-for-sale securities. The Company’s investments in equity investees include investments in two of its managed funds and are accounted for using the equity method of accounting because the Company has significant influence over the management of the funds.

 

Current portfolio of debt securities

 

    Amortized cost     Unrealized gains     Unrealized
losses
    Fair value  
                         
September 30, 2012   $ 5,068,000     $ 31,000     $ (10,000 )   $ 5,089,000  
December 31, 2011   $ 3,000,000     $ 7,000     $ (17,000 )   $ 2,990,000  

 

Debt securities accounted for as available-for-sale and held at September 30, 2012 mature as flows:

 

    Amortized cost     Fair value  
Within one year   $ 3,577,000     $ 3,594,000  
After one year but within five years   $ 1,491,000     $ 1,495,000  

 

The following table provides a summary of the changes in and results of investment activities. The specific identification method is used to determine the cost basis of investments sold and the realized gain or loss.

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2012     2011     2012     2011  
                         
Proceeds from sale   $ 1,372,000     $ 1,383,000     $ 3,686,000     $ 3,916,000  
Gross realized gains on sales     21,000       2,000       31,000       14,000  
Gross realized losses on sales     (8,000 )     (19,000 )     (25,000 )     (32,000 )
Unrealized gains and losses     18,000       (11,000 )     28,000       (32,000 )
Net gains (losses) reclassified out of accumulated other comprehensive income to earnings     3,000       -       (3,000 )     (4,000 )

 

Investments in Equity Investees

 

Investments in equity investees include the Company’s investment in the Titanium TALF Opportunity Fund (the “TALF Fund”), which it organized for its clients to invest in securities participating in the Term Asset-Backed Securities Loan Facility (“TALF”) of the Federal Reserve Bank of New York. The Company is the managing member of the TALF Fund and serves as the investment manager for the TALF Fund for which it receives management fees. Because the Company has an equity interest in the TALF Fund and has significant influence over the TALF Fund’s daily activities through its role as managing member and investment manager, the Company accounts for this investment using the equity method of accounting.

 

During June 2012, substantially all of the TALF Fund securities were liquidated and converted to cash equivalents. The remaining assets of the TALF Fund were distributed to the respective investors, including the Company in September 2012.

 

Investments in equity investees also include the Company’s investment in the Titanium Absolute Return Fund (the “TARF Fund”), formerly the NIS Fixed Income Arbitrage Fund, LTD. The Company is the managing member of the TARF Fund and serves as the investment manager for the TARF Fund for which it receives management fees. As of September 30, 2012, the Company’s investment in the TARF Fund represents approximately 14% of the total investments in the TARF Fund. Because the Company has an equity interest in the TARF Fund and has significant influence over the TARF Fund’s daily activities through its role as managing member and investment manager, the Company accounts for this investment using the equity method of accounting.

 

The activity related to the Company’s investment in equity investees for the nine months ended September 30, 2012 and 2011 is as follows:

 

Investments in equity investees at January 1, 2011   $ 5,898,000  
Equity in income of equity investees     342,000  
Income distributions     (438,000 )
Investments in equity investees at September 30, 2011   $ 5,802,000  
         
Investments in equity investees at January 1, 2012   $ 4,707,000  
Equity in income of equity investees     452,000  
Income distributions     (96,000 )
Return of capital distributions     (1,185,000 )
Investments in equity investees at September 30, 2012   $ 3,878,000