Revenue was down for the Channel Islands stockbroker and portfolio manager, falling from 26m in 2007 to 23.2m for the first six months of 2008. Operating profit was also down from 6.7m to 5.7m for the same period.
The Company attributed falls to an increase in marketing and reduced private client trading activity and performance fees following the sale of Collins Stewart Property Fund Management in the second half of 2007.
Market falls were also said to have impacted total discretionary assets under management and administration which totalled £3.7bn, falling from £4.2bn in December 2007.
The first half saw the opening of a new Collins Stewart Wealth Management office in Geneva and the launch of an in-house Isa and probate service. Collins Stewart Fund Management also launched a new UK equity focus fund in the first half, overhauling a range of multi-asset, multi-manager funds for re-launch in the second half.
The Company says business is being hindered by the fall in markets but claims that recent investment in sales and marketing has raised awareness of the business and prospects for growth in funds under management.
Commenting on the Company’s wider results, Collins Stewart chairman Terry Smith says: “Market conditions are obviously challenging and have adversely affected the capital markets division. However, Collins Stewart has three other businesses in Hawkpoint, Securities and Wealth Management which are still operating profitably, as well as a strong net cash position.”
