Welcome to our dedicated page for Associated Capital Group news (Ticker: AC), a resource for investors and traders seeking the latest updates and insights on Associated Capital Group stock.
Associated Capital Group, Inc. (NYSE: AC) is a distinguished global financial services company headquartered in Greenwich, Connecticut. Founded in 1976, the company specializes in providing alternative investment management and underwriting services, asset management, and institutional research services. Through its subsidiary, Gabelli & Company Investment Advisers, Inc. (GCIA), formerly Gabelli Securities, Inc., Associated Capital offers a broad spectrum of investment services, including institutional research aimed at hedge funds, asset managers, affiliated mutual funds, and managed accounts.
Associated Capital Group operates multiple business lines including Gabelli Private Equity Partners, LLC (GPEP) and Gabelli Principal Strategies Group, LLC (GPS). GPEP, established in August 2017 with $150 million in authorized capital, is a 'fund-less' sponsor focused on private equity investments. GPS, launched in December 2015, pursues strategic operational initiatives aimed at optimizing business growth and development.
The firm's alternative investment strategy centers on merger arbitrage, a methodology focused on generating returns that are not correlated with general market movements. This strategy is offered through various structures including partnerships and offshore corporations serving both accredited and institutional investors. Notably, Gabelli Merger Plus+ Trust Plc, listed on the London Stock Exchange, also falls under this strategy.
Recent financial results indicate a robust performance, with assets under management (AUM) reaching $1.55 billion as of March 31, 2024. The company reported a book value per share of $42.80, up from $41.30 a year earlier. For the first quarter of 2024, Associated Capital recorded revenues of $3.0 million and a net income of $13.8 million.
Associated Capital is also well-known for its Shareholder Designated Charitable Contribution (SDCC) program, which has allowed shareholders to direct approximately $38 million to over 190 different charities since the company's inception as a public entity. This initiative underscores the firm’s commitment to corporate social responsibility.
In addition to its financial and investment services, Associated Capital is committed to leveraging its research and investment capabilities through acquisitions and alliances, broadening its product offerings, and adding new sources of distribution. The company also conducts direct investments in operating businesses, employing a variety of techniques and structures to achieve its strategic objectives.
For more detailed and up-to-date information, visit the official website or contact:
Douglas R. Jamieson, Chief Executive Officer
(203) 629-9595
info@associated-capital-group.com
Associated Capital Group (AC) announced a preliminary second-quarter book value range of $42.75 to $42.95 per share as of June 30, 2024. This shows a slight decrease from $42.80 at March 31, 2024, but an increase from $42.11 at December 31, 2023, and $41.41 at June 30, 2023. Detailed financial results will be released in August.
Associated Capital Group, Inc. reported an increased first quarter book value with assets under management at $1.55 billion compared to $1.59 billion at the end of 2023. Book value per share ended the quarter at $42.80 per share, an increase from $42.11 at the end of 2023. The company's financial results for the first quarter of 2024 showed an operating loss before management fee, but positive investment and other non-operating income. Total revenues increased to $3.0 million from $2.5 million in the previous year. AC's alternative investment management strategy focuses on merger arbitrage, with a positive gross return of 1.33% in the first quarter of 2024. Global M&A activity saw a significant increase in the first quarter of 2024, with the US dominating deal making. AC plans to accelerate the use of capital through acquisitions and alliances, including launching a private equity business.
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