Seamark Asset Management Ltd. today announced weaker earnings for the second quarter ended June 30, as assets under management declined.

Earnings for the quarter were $312,000, or 3¢ a share compared to $664,000, or 6¢ a share for the second quarter 2007. The decline in earnings per share reflects a decline in revenues.

Revenues for the quarter were $2.8 million, down from $3.5 million for the second quarter 2007. The decline in revenues is a result of a decline in average assets under management.

Assets under management ended the first quarter at $3.5 billion, down from $3.8 billion at the end of the first quarter.

“These are very challenging markets,” says Stuart Raftus, rresident & CEO. “Notwithstanding these difficult conditions, we are pleased with how our portfolios are positioned. During such periods, it is particularly important to exercise discipline and remember that while markets change, constantly, the principles of effective long term investing do not.”

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.