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Jon S. Corzine From Precy Dumlao, Opalesque Asia:
New York-based MF Global Holdings Ltd., has reported a record 22% rise in net revenues in the fourth quarter, the highest level of profits in two years. However, the company also revealed in its Fourth Quarter Annual report that, as of March 31, total assets fell to $40.5bn compared to $51.0bn at March 31, 2010.
In the report, MF Global disclosed that fourth quarter net revenue climbed to $292.5m compared to the $240.5m recorded during the same period last year. Fiscal year 2011 net revenues were $1.069bn, versus $1.015bn in 2010.
According to the firm, the growth is a reflection of the expanding principal trading and client facilitation activities, as well as a 20 % increase in client volumes, particularly within European fixed income markets, as well as certain commodities and structured equity finance products.
Also contributing to the significant leap in profits during the period were higher client exchange-traded volumes and wider credit spreads, which were partially offset by client volume mix and a corresponding lower rate per contract.
MF Global CEO and chairman (and former NJ state governor), Jon S. Corzine commented, "During the last year, MF Global has been undergoing a strategic restructuring and our results reflect ...................... To view our full article Click here
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