Stockbroker plans to expand in hedge funds

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The company plans to extend its Channel Islands-based hedge fund business into continental Europe, notably Italy, where direct investment in hedge funds is barred, but fund-of-fund products are allowed.

Collins Stewart reported a 13% fall in pre-tax profits to 11.7m (€18.8m) in the six months to June 30, compared with a pro-forma 13.5m last time.

Collins Stewart's smaller companies stockbroking and corporate finance business was hit by a decline in new issues it managed. The business raised 88m for new issues in the first half, compared with 517m in same period last year.

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