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Collins Stewart revenue up but market is still low

COLLINS Stewart said its revenue was up 12 per cent to £63.6m for the first four months of the year.

Assets under management at its wealth management business were £6.7bn at 30 April, up from £5.9bn at the end of 2009.

Its UK securities business was hindered by poor equity market volumes during the four months, while deal activity in its corporate broking business was pushed back due to the recent Parliamentary election.

Chief executive Mark Brown said: “The performance of UK securities continues to be mixed with the equities business affected generally by poor market volumes but off-set by strong performances from the specialist desks. Deal activity in corporate broking has also been pushed back by the election.”

The group has its eye on a number of wealth management buyouts and its Hawkpoint investment banking unit is performing well.