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.