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From the Opalesque Team:
Shore Capital Group plc, the investment bank focused on alternative asset class fund management and
equity capital markets, today announced its interim results with the following highlights:
- Revenue from operating businesses up 28.3%, all organic growth
- ECM and Asset Management revenues rose 25.0% and 19.7% respectively
- Profit before tax of GBP5.21m before movements on balance sheet holdings (2008 H1: GBP2.70m)
- Strong balance sheet and good liquidity: cash balance of GBP47.6m
- Total funds under management as at 31 July 2009 were GBP1.39bn, compared to GBP1.43bn at 31 July 2008
The revenue of Shore Capital's alternative asset class fund management business increased by 19.7 per cent
compared to 2008 H1. Overall fund management performance was also good. In particular the hedge and alternative asset funds did particularly well with Puma Sphera earning 17.1 per cent and PARF 8.5 per cent in the six months.
New CEO
On 25 March 2009, Shore appointed Alex Abadie as the Chief
Executive Officer to implement a new growth strategy. Prior to joining Shore
Capital, he was most recently a Board Member of Credit Suisse Asset Management and a Management
Committee member of its Asset Management Division and has experience in New York, Paris, London
and Zurich. Prior to Credit Suisse, Alex was Managing Director, Head of Financial Institutions Global
Capital Markets, at Morgan Stanley in London.
Board propo...................... To view our full article Click here
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