Seamark Asset Management Ltd. today reported lower earnings for the third quarter ended September 30, due in part to costs related to the launch of Seamark’s new family of mutual funds.

Earnings for the quarter, were $641,000, or 0.6¢ a share, down from $777,000, or 7¢ share, in the year-earlier period.

Seamark says the Q3 2007 included costs incurred to launch three mutual funds, which decreased earnings per share by approximately 1¢

Revenues for the quarter were $3.4 million, down from $4 million for the third quarter 2006. The decline in revenues for the quarter is a result of a decline in average assets under management.

Assets under management were $4.2 billion as of September 30, down from $4.5 billion at the beginning of the quarter and $5.13 billion a year ago.

Halifax-based Seamark provides investment management services across Canada to institutional clients, mutual funds, private clients, and the managed portfolio advisory programs (wrap programs) of many of Canada’s leading investment dealers.