Collins Stewart Hawpoint has seen its total revenues for the four months to 31 October 2011 plumment to £63m, compared to £75m in the corresponding period of 2010.
In its interim statement, published today (18 November), it announced that although its assets under management have fallen slightly to £7.8bn at 31 October, compared with £8.1bn at 30 June 2011, the “negative market movements” have been offset by “healthy net inflows” of £104m, most of which were discretionary assets.
Corporate advisory arm Hawkpoint has maintained its solid performance over the period, supported by a “steady” merger and acquisition flow in spite of market conditions and assisted by an increase in restructuring related business.
It also noted that in securities and corporate broking it saw “a sharp recovery in trading” in October, helped by three initial public offerings.
Overall, Hawpoint does not expect securities to be profitable this year. Market developments have led to greater self financing of inventory and net cash amounted to £68m at 31 October 2011, compared with £74m at 30 June 2011.
Mark Brown, chief executive, said: “The group continues to benefit from the diversity of its businesses and our strenuous efforts to upgrade securities and corporate broking have put us in a strong position compared to our competitors.”