April 28, 2009 / 8:45 PM / 9 years ago

UPDATE 1-Seamark Asset Management says loses another client

* Says departed programs represent C$0.4 bln of AUM * No additional program departures anticipated

April 28 (Reuters) - Seamark Asset Management Ltd SM.TO said one of its managed portfolio advisory program clients plans to discontinue use of its investment services following a review stemming from the exit of its largest client earlier this month.

The Halifax-based company, which provides investment management services and managed portfolio advisory programs, said the two departing programs represent nearly C$0.4 billion of its C$2.4 billion assets under management as of March 31.

The company did not name the clients, but said no additional program departures are expected at this time.

It is expected that the managed portfolio advisory program clients will continue to assess their on-going use of the company’s services, it said in a statement.

Shares of the company closed up 8 Canadian cents at C$1.18 Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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