Piper Jaffray, a US-based asset management and investment banking firm, has posted an adjusted net income of $10.6m for the first quarter of 2016, down 43.6% compared to $18.8m in the year-ago quarter.
For the quarter ended 31 March 2016, adjusted net revenues stood at $152.2m, a fall of 2.3% from $155.7m a year earlier.
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Adjusted pre-tax operating margin dropped to 10.6% from 18.9% in the first quarter of 2015.
The company’s assets under management at 31 March 2016 were $7.5bn, compared to $11.4bn in the prior year period.
Asset Management
The company’s Asset management unit reported adjusted pre-tax operating income of $2m, compared to $7.1m in the corresponding quarter of 2015.
Net revenues at the unit slumped 40% year-on-year to $11.9m, the company said in its earnings statement.
