DGAP-News: W.P. Stewart&Co., Ltd. Provides Corporate Update
ID: 307345
01.12.2010 14:45
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NEW YORK, Dec. 1, 2010 (GLOBE NEWSWIRE) -- W.P. Stewart&Co., Ltd. ('W.P.
Stewart' or the 'Company') had previously reported that its affiliated
broker-dealer, W.P. Stewart Securities LLC ('WPSSL'), would discontinue its
broker-dealer operations in connection with the Company's decision to
streamline its operations and specifically focus on its investment advisory
activities. As of December 1, 2010, the Company has successfully engaged
Pershing Advisor Solutions LLC ('PAS') and its affiliate Pershing LLC to
provide prime brokerage and brokerage related services to the Company and its
clients. Pershing had served as the clearing broker for WPSSL and as custodian
for many of the Company's clients. In addition, the Company believes that it
has negotiated competitive commissions with third party brokers it intends to
use.
The Company also intends to initiate a more flexible approach to its fee
structure for accounts exceeding $10 million in assets under management and
extend its offer of performance-based fees to accounts exceeding $5 million in
assets under management. Going forward, a more client-tailored approach will be
used for relationships over $10 million depending on account size, nature of
relationship and other factors. Similarly, the fixed portion of performance fee
arrangements will also vary for account relationships over $10 million
depending on account size, nature of relationship and other factors.
W.P. Stewart&Co., Ltd. is an asset management company that has provided
research-intensive equity management services to clients throughout the world
since 1975. The Company is headquartered in New York, New York and has
additional operations or affiliates in Europe.
The Company's shares are currently traded on the Pink Sheets under the symbol
'WPSL'.
For more information, please visit the Company's website at
http://www.wpstewart.com, or call W.P. Stewart Investor Relations at
1-888-695-4092 (toll-free within the United States) or 1-212-750-8585 (outside
the United States) or e-mail to IRINFO@wpstewart.com. Statements made in this
release concerning our assumptions, expectations, beliefs, intentions, plans or
strategies are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that may cause actual results to differ from those expressed or
implied in these statements. Such risks and uncertainties include, without
limitation, the effects of the Company's corporate reorganization, the adverse
effect from a decline or volatility in the securities markets, the general
downturn in the economy, the effects of economic, financial or political
events, a loss of client accounts, inability of the Company to attract or
retain qualified personnel, a challenge to our former U.S. tax status,
competition from other companies, changes in government policy or regulation, a
decline in the Company's products' performance, inability of the Company to
implement its operating strategy, the effects of the Company's delisting and
deregistration under the U.S. Securities Act of 1934, inability of the Company
to manage unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory organizations, industry
capacity and trends, changes in demand for the Company's services, changes in
the Company's business strategy or development plans and contingent
liabilities. The information in this release is as of the date of this release,
and will not be updated as a result of new information or future events or
developments.
CONTACT: W.P. Stewart&Co., Ltd.
888-695-4092 (toll-free within the U.S.)
212-750-8585 (outside the U.S.)
IRINFO@wpstewart.com
News Source: NASDAQ OMX
01.12.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: W.P. Stewart&Co., Ltd.
Bermuda
Phone:
Fax:
E-mail:
Internet:
ISIN: BMG849221061
WKN:
End of Announcement DGAP News-Service
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Datum: 01.12.2010 - 14:45 Uhr
Sprache: Deutsch
News-ID 307345
Anzahl Zeichen: 5284
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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