WEALTH management firm Collins Stewart yesterday said it had made steady progress since the first half of the year, as it reported total revenue increased nearly 30 per cent in the third quarter, despite difficult markets in which trading volumes in the US and UK remained subdued.
The wealth manager said total revenues were £75m for the three months to 31 October compared to £58m in the second quarter. It added its net cash balance stood at £88m in the third quarter compared to £75m three months earlier.
Projected financial performance for the period was 17 per cent ahead of the first half of 2010.
Meanwhile, assets under management rose by almost £1bn to £7.6bn in the third quarter from £6.8bn in the previous quarter. The integration of both Corazon Capital and Andersen Charnley was also going according to plan, the firm said.
Mark Brown, chief executive, of Collins Stewart said: “Markets are still pretty tough but we are now more than holding our own. We continue to strengthen the business with senior hires as we re-calibrate the group and equip ourselves for the opportunities ahead.”
Shares in Collins Stewart closed 1.8 per cent lower at 80p following the announcement.