Piper Jaffray, a US-based asset management and investment banking firm, has posted adjusted net income of $13.94m for the second quarter of 2016, down 25.2% from $18.63m in the prior-year period.

For the quarter ended 30 June 2016, adjusted net revenues were $167.19m, a rise of 2% from $163.88m the year ago.

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Adjusted pre-tax operating margin dropped to 12.9% from 17.8% during the same quarter in 2015.

Asset Management

The company's Asset management unit reported adjusted pre-tax operating income of $3.18m for the second quarter of 2016, a slump of 34.9% from $4.89m the year earlier.

Adjusted net revenues at the unit slid 23.2% year-on-year to $13.74m from $17.9m.

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Piper Jaffray chairman and CEO Andrew Duff said: “Execution on our growth strategies highlighted by strong performance in areas of targeted investment, particularly Public Finance and Fixed Income, delivered improved results on a more balanced business mix for the quarter.

“A detailed review of our cost base, which has expanded due to growth investments, is underway in order to drive higher returns for our shareholders.”