Associated Capital Group, Inc. reported total revenues of $2.1 million for the first quarter of 2025, a decrease from $3.0 million in the first quarter of 2024. Revenues from the GAMCO International SICAV – GAMCO Merger Arbitrage were $0.9 million, down from $1.7 million in the prior year period due to lower average AUM.
Net investment and other non-operating income was $15.8 million for the first quarter of 2025, compared to $22.6 million in the first quarter of 2024. This decline was primarily driven by lower investment gains from merger arbitrage partnerships and reduced interest income due to lower average interest rates. The effective tax rate for the quarter was 26.3%, an increase from 21.5% in the year-ago quarter.
Assets under management (AUM) at March 31, 2025, were $1.27 billion, an increase of $21 million from year-end 2024. This increase was primarily driven by market appreciation of $33 million and favorable currency fluctuations of $13 million, partially offset by net outflows of $25 million. The longest continuously offered fund in the merger arbitrage strategy generated gross returns of 3.77% (2.81% net of fees) for the quarter.
In a significant leadership change, Doug Jamieson retired as Chief Executive Officer and President in March 2025 but will continue to serve as a Director. Patrick Huvane was named Interim Chief Executive Officer upon Mr. Jamieson’s retirement. The Board of Directors also declared a semi-annual dividend of $0.10 per share on May 7, 2025, payable on June 26, 2025. During the first quarter of 2025, AC repurchased 39,018 Class A shares for $1.4 million at an average price of $36.32 per share.
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