By Andrei Skvarsky.
Russian brokerage Renaissance Capital’s London-based operation recorded a 25% drop in its revenues for last year due to a change of strategy.
The London firm’s revenues plunged by $17m to $52m in 2010 due to its changed strategy of earning its income from commissions on a brokerage basis, rather than by profiting from trades using its own capital, according to the Financial News website.
The London broker’s net trading income, primarily from equities, fell by 94% to $2.9m last year, though brokerage and advisory fees grew by 133% to $49.3m.
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