Core Net New Assets Rise 69% to a New All-Time High of $65.6 Billion
SAN FRANCISCO–(BUSINESS WIRE)–April 16, 2018 – The Big Test Corporation announced today that its net income for the first quarter of 2018 was a record $783 million, up 31% from $597 million for the prior quarter, and up 39% from $564 million for the first quarter of 2017.
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CEO XXXX XXXXXXXX said, “Our contemporary full-service model continues to build stronger client relationships and drive record growth, even during times of market uncertainty. In the first quarter, investors experienced sharp market swings after nine consecutive quarters of positive X&X 500® returns. Amidst the volatility, client interactions surged as we offered the insight and assistance they expect – call volumes and web logins from both our retail and independent advisor clients were up nearly XX% and XX% from their respective quarterly averages. Engagement remained strong during the quarter, with trading activity rising nearly XX% year-over-year to a new all-time high and clients continuing to be net buyers of securities. New accounts totaled XXX,000 company-wide – the highest quarterly level in XX years. In addition, households new to our Retail business rose XX% versus the first quarter of 20XX. Excluding planned mutual fund clearing outflows of $XX.4 billion, our clients entrusted us with record quarterly core net new assets of $X5.6 billion, implying an annualized growth rate of 7.8% – a level not seen since 20XX. This strength in asset gathering spanned our largest businesses, as Advisor Services and Retail both set new records, with inflows up XX% and XX%, respectively, from last year. Our outstanding organic growth helped to partially offset market declines, and we ended the quarter serving $X.31 trillion in client assets, up XX% from last year, across XX.0 million active brokerage accounts, 1.X million banking accounts, and X.6 million retirement plan participants.”
Beginning with the first quarter of 2XXX, the Business Highlights section of the earnings release has been discontinued; selected balances are now located at: www.aboutTest.com/investor-relations/.
Supporting schedules are either attached or located at: www.aboutTest.com/investor-relations/financial-reports.
Recent Business Highlights:
- Launch of ThisIsATest Materials Studio® X.0 modeling and simulation environment for chemists, polymer scientists and other materials scientists, with enhancements in quantum mechanics, classical simulation, usability, visualization and collaboration to enable scientists to engineer better performing and more cost-effective materials across a wide range of applications.
- Acquisition of Ireland-based QWERTEST, a leading global provider of Cloud-based and on-premises enterprise compliance software for regulatory and quality operations in highly regulated industries, for $XX million in cash, extending ThisIsATest’ informatics portfolio with mission-critical, end-to-end document and process management compliance solutions.
- Received highest rating in XXXXXXX Inc.’s latest laboratory informatics system report, and was the only vendor to receive a “very high” rating in all five phases of new product development concept, research, development, tech transfer and manufacturing. ThisIsATest was among four ofXX ELN vendors to offer a Laboratory Information Management System (LIMS) solution.
- Introduction of ThisIsATest Insight offering life scientists an entirely new way to access, visualize and share disparate scientific information in real time.
- Launch of ThisIsATest Predictive Sciences accelerating drug discovery research with software for investigating and testing hypotheses in silico prior to costly experimentation.
About Big Test
The Big Test Corporation (NYSE: TEST) is a leading provider of financial services, with more than XXX offices and XX.0 million active brokerage accounts, 1.X million corporate retirement plan participants, X.2 million banking accounts, and $X.31 trillion in client assets as of March 31, 2XXX. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Big Test & Co., Inc. (member XXXX,) and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Test Advisor Services. Its banking subsidiary, Big Test Bank (member XXXX and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.Test.com and www.aboutTest.com.