I'm told you're right. their bonus was linked to the money they brought to jll. still something doesn't make sence, these well paid people left after spending a new fund which they should have been tied into. jll senior management couldn't keep them 'cos they couldn't compete with salary market, nor raise new money, nor see the difference between the fund advisory business and the brokerage business. the current management, or whoever is in its place in a year, has to decide where it wants money from 'cos in todays world it can't have it both ways.
My understanding, and correct me if I am wrong - is that the investment management teams share a proportion of any of the performance bonuses. Given the size of one of those bonuses last year there were some very well paid people.
Wednesday January 31, 9:45 pm Eastern Time Jones Lang fourth quarter net loss vs profit CHICAGO, Jan 31 (Reuters) - Real estate and investment services company Jones Lang LaSalle (NYSE:JLL - news) on Wednesday posted a fourth quarter net loss, blaming the effect of new accounting methods and merger costs.
The company, which has $22.5 billion in assets under management, reported a net loss of $1.8 million, or 7 cents per diluted share, for the fourth quarter ended Dec 31. That compared with a profit of $15.2 million, or 63 cents, in the same period last year. Revenue for the period rose slightly to $287.3 million from $280.7 million.
The loss is after $30.4 million in pre-tax expenses, mainly compensation costs from its merger between LaSalle Partners and Jones Lang Wootton.
Adjusted net earnings, which exclude the effect of the accounting change, came in at $30.8 million, or $1.00 per share, the company said. It said that this figure is exceeded analysts' consensus estimate of 96 cents per share, as compiled by research firm First Call/Thomson Financial.
Looking ahead, Jones Lang said it expected 2001 revenues to increase by about 7 percent. It added that earnings per share would likely grow 15 percent in 2001.
Zipperdy, I totally agree with the Spam comment...I feel like this is a Hormel factory and not a message board.
As for the stock results, at least this isn't CB who had record revenues and their stock price still went down 2 days in a row.
The Street seems not to favor RE operating companies because we keep getting beaten down. I do think that a company like JLL that has as big of an investment management unit and property management and consulting base as we do should weather the current economic slowdown better than transaction based firms that rely heavily on brokerage fees. The deals are getting harder to find out there these days.
Keep your chin up, but don't count on a huge spike in price for, let's say, the next few years...