FCA regulated Prime of Prime broker IS Prime has reported continued growth for a sixth consecutive year with 30% increase in turnover. The broker registered rise from £27.6m for 2019 to £36m in 2020.
The operating profit almost tripled from £5.9m to £17.6m, largely due to client growth combined with increased efficiencies from its scalable systems. Net assets for the year 2020 remained at £10.7m.
Founded in 2014, IS Prime is part of the ISAM Capital Markets Group, which also includes IS Prime Hong Kong and IS Risk Analytics. ISAM Capital Markets’ figures have not been disclosed.
Raj Sitlani, Managing Director, ISAM Capital Markets said:
Our financials confirm IS Prime’s position as a global market leader in our industry and we are very pleased to report yet another year of record revenues. We have achieved significant growth outside the UK, virtually doubling our turnover in the rest of Europe. We have also seen major growth in Asia and the Middle East as well as diversification of our client base across the banking, asset management and hedge fund space.
We have continued to invest in our exceptionally talented team and our proprietary technology, ensuring that IS Prime delivers a high calibre, broad and competitive service offering to clients.
We cannot make direct comparisons with financial results from our first few years as we restructured in 2017 to become part of ISAM Capital Markets, with some of our products and services subsequently accounted for in other businesses within the group. ISAM Capital Markets has also achieved significant growth in risk management services and technology services, with IS Risk Analytics and IS Prime Hong Kong both having yet another outstanding year.
IS Prime offers full-service brokerage and execution through its technology. As a Prime of Prime, IS Prime provides aggregated pricing sourced from tier one institutions, settled via the group’s bank Prime brokers. ISAM Capital Markets also includes IS Prime Hong Kong (regulated by the SFC) and risk management specialist, IS Risk Analytics.
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