NBU ready to sign memorandum with IFC

… which includes further steps to increase financial inclusion in the country and develop financial technology,” the statement reads. The NBU governor …

NBU Governor Kyrylo Shevchenko said this during a meeting with IFC Regional Manager in Ukraine, Belarus and Moldova Jason Pellmar, the NBU press service reports.

“Kyrylo Shevchenko confirmed his readiness to sign a memorandum of understanding with IFC, which includes further steps to increase financial inclusion in the country and develop financial technology,” the statement reads.

The NBU governor believes that cooperation between the National Bank and the International Finance Corporation will contribute to the development of the Ukrainian economy and the growth of citizens’ involvement in the financial system. For his part, the IFC representative informed about the implementation in Ukraine of a technical assistance program entitled Ukraine Financial Inclusion for Growth Program.

As Ukrinform reported, in early 2020, the National Bank of Ukraine, together with other financial market regulators, approved the Strategy for FinTech Development in Ukraine until 2025.

The strategy provides for the development of the financial sector in five main areas: strengthening financial stability; promoting macroeconomic development and economic growth; development of financial markets; expanding financial inclusion; and the implementation of innovations in the financial sector.

ish

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JMP Group Reports Second Quarter 2020 Financial Results

… in U.S. equity prices, directly benefitting JMP Securitiesequity capital markets and brokerage revenues,” said Chairman and Chief Executive Officer …

SAN FRANCISCO–(BUSINESS WIRE)–JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter ended June 30, 2020.

A summary of JMP Group’s operating results for the quarter and six months ended June 30, 2020, and for comparable prior periods, is set forth below.

Quarter Ended

Six Months Ended

(in thousands, except per share amounts)

June 30, 2020

Mar. 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Total net revenues

$29,993

$5,267

$28,068

$35,260

$55,235

Net income/(loss) attributable to JMP Group

$1,124

($11,748)

($1,112)

($10,624)

$3,957

Net income/(loss) attributable to JMP Group per share

$0.06

($0.60)

($0.05)

($0.54)

$0.19

Operating net income/(loss)

$2,591

($537)

($697)

$2,054

$972

Operating net income/(loss) per share

$0.13

($0.03)

($0.03)

$0.10

$0.05

Book value per share

$2.87

$2.64

$3.91

$2.87

$3.91

Adjusted book value per share

$3.69

$3.45

$4.67

$3.69

$4.67

For more information about operating net income, including a reconciliation to net income, and adjusted book value per share, including a reconciliation to book value per share, see the section below titled “Non-GAAP Financial Measures.”

“Our second-quarter operating earnings of $0.13 per share were much better than anticipated just a few months ago, as unprecedented fiscal and monetary stimuli spurred a sharp recovery in U.S. equity prices, directly benefitting JMP Securities’ equity capital markets and brokerage revenues,” said Chairman and Chief Executive Officer Joe Jolson. “Moreover, with our employees continuing to work remotely due to the pandemic, our non-compensation expenses were unusually low for the quarter. These factors combined to produce one of the best quarters ever for JMP Securities, which contributed $0.14 per share to operating net income.

“While lagging the equity markets, leveraged loan prices also improved during the second quarter, and defaults remained below the level we assumed when recording a large negative mark on our CLO securities in the first quarter. As a result, the increased fair value of our CLO securities added $0.11 per share to our book value as of June 30, over and above the addition from our strong operating results.

“Looking ahead, JMP Group is well positioned to benefit from continued economic recovery, especially if that recovery gives us the opportunity to complete many of the strategic advisory transactions in our pipeline and to add new mandates.”

Segment Results of Operations

A summary of JMP Group’s operating net income per share by segment for the quarter and six months ended June 30, 2020, and for comparable prior periods, is set forth below.

Quarter Ended

Six Months Ended

($ as shown)

June 30, 2020

Mar. 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Broker-dealer

$0.14

($0.01)

($0.04)

$0.13

($0.09)

Asset management:
Asset management fee income

(0.01)

(0.02)

(0.01)

(0.02)

(0.04)

Investment income

0.08

0.07

0.09

0.14

0.31

(1)

Total asset management

0.07

0.05

0.07

0.12

0.28

Corporate costs

(0.08)

(0.07)

(0.07)

(0.15)

(0.14)

Operating EPS (diluted)

$0.13

($0.03)

($0.03)

$0.10

$0.05

(1)

Includes a gain of $0.08 per share on the sale of a controlling interest in JMP Credit Advisors LLC to Medalist Partners LP.

Note: Due to rounding, numbers in columns above may not sum to totals presented.

For more information about operating net income, including a reconciliation to net income, see the section below titled “Non-GAAP Financial Measures.”

Composition of Revenues

Investment Banking

Investment banking revenues were $21.6 million, an increase of 21.8% from $17.7 million for the quarter ended June 30, 2019. For the six months ended June 30, 2020, investment banking revenues were $36.2 million, an increase of 22.3% from $29.6 million for six months ended June 30, 2019.

A summary of the company’s investment banking revenues and transaction counts for the quarter and six months ended June 30, 2020, and for comparable prior periods, is set forth below.

Quarter Ended

Six Months Ended

June 30, 2020

Mar. 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

($ in thousands)

Count

Revenues

Count

Revenues

Count

Revenues

Count

Revenues

Count

Revenues

Equity and debt origination

22

$14,569

17

$8,556

25

$12,328

39

$23,125

42

$19,117

Strategic advisory and private placements

5

7,026

4

6,069

3

5,408

9

13,095

9

10,498

Total

27

$21,595

21

$14,625

28

$17,736

48

$36,220

51

$29,615

Brokerage

Net brokerage revenues were $5.6 million, an increase of 21.2% from $4.7 million for the quarter ended June 30, 2019. For the six months ended June 30, 2020, net brokerage revenues were $9.8 million, an increase of 7.0% from $9.2 million for the six months ended June 30, 2019.

Total capital markets revenues, which consist of net brokerage revenues produced by the institutional equities division in addition to equity and debt origination revenues generated by the investment banking division, were $20.2 million and $33.0 million for the quarter and six months ended June 30, 2020, respectively, compared to $17.0 million and $28.3 million for the quarter and six months ended June 30, 2019, respectively.

Asset Management

Asset management fees were $1.7 million, a decrease of 27.3% from $2.4 million for the quarter ended June 30, 2019. For the six months ended June 30, 2020, asset management fees were $3.4 million, a decrease of 15.5% from $4.1 million for the six months ended June 30, 2019.

A summary of the company’s client assets under management for the quarter ended June 30, 2020, and for comparable prior periods, is set forth below.

(in millions)

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2019

Client assets under management (1)

$590

$549

$544

Assets under management by sponsored funds (2)

5,102

5,136

5,109

Client assets under management, including sponsored funds

$5,692

$5,685

$5,653

(1)

Includes assets managed by Harvest Capital Strategies, JMP Asset Management, and HCAP Advisors on behalf of third parties.

(2)

Sponsored funds are asset management strategies in which JMP Group owns an economic interest. Includes assets managed by Medalist Partners Corporate Finance, the former JMP Credit Advisors.

Principal Transactions

Principal transactions generated a net realized and unrealized loss of $48,000, compared to a net realized and unrealized gain of $1.4 million for the quarter ended June 30, 2019. For the six months ended June 30, 2020, principal transactions generated a net realized and unrealized loss of $17.6 million, compared to a net realized and unrealized gain of $6.7 million for the six months ended June 30, 2019. The year-over-year differences are largely due to the recent impairment of CLO equity owned by JMP Group. A reduction in the net present value of forecasted cash flows through the end of the expected life of the collateralized loan obligations required an impairment charge in the amount of $1.0 million for the quarter ended June 30, 2020, and $13.5 million for the quarter ended March 31, 2020. However, for the quarter ended June 30, 2020, despite the aforementioned impairment charge of $1.0 million, the fair value of the company’s CLO investments increased by $4.8 million. Under the relevant accounting standards for available-for-sale securities, substantially all of this increase does not flow through JMP Group’s income statement but is instead reflected on the company’s balance sheet, as well as its statement of comprehensive income (loss), at period-end. For the quarter ended March 31, 2019, JMP Group recognized a gain of $3.4 million on the sale of a majority interest in JMP Credit Advisors.

Net Interest Income

Net interest income was $0.2 million, a decrease of 80.0% from $0.8 million for the quarter ended June 30, 2019. For the six months ended June 30, 2020, net interest income was $0.6 million, a decrease of 86.2% from $4.4 million for the six months ended June 30, 2019. The year-over-year differences are primarily due to a change in the recognition of income from investments in collateralized loan obligations following the sale of a majority interest in JMP Credit Advisors to Medalist Partners in March 2019.

Expenses

Compensation and Benefits

Compensation and benefits expense was $22.4 million, compared to $19.9 million for the quarter ended June 30, 2019. As a percentage of net revenues, compensation and benefits expense was 74.6%, compared to 71.1% for the quarter ended June 30, 2019. For the six months ended June 30, 2020, compensation and benefits expense was $38.6 million, compared to $37.2 million for the six months ended June 30, 2019. As a percentage of net revenues, compensation and benefits expense was 109.5%, compared to 67.3% for the six months ended June 30, 2019.

Non-Compensation Expense

Non-compensation expense was $6.3 million and $14.5 million for the quarter and six months ended June 30, 2020, respectively, compared to $9.8 million and $18.7 million for the quarter and six months ended June 30, 2019, respectively.

Share Repurchase Activity

JMP Group did not repurchase any outstanding common shares during the quarter ended June 30, 2020.

Personnel

At June 30, 2020, the company had 191 full-time employees, compared to 192 at March 31, 2020, and 200 at June 30, 2019.

Non-GAAP Financial Measures

In addition to the GAAP financial results presented in this press release, JMP Group presents the non-GAAP financial measures discussed below. These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance. Furthermore, company management believes that this presentation enables a more meaningful comparison of JMP Group’s financial performance across various periods. However, the non-GAAP financial results presented should not be considered a substitute for results that are presented in a manner consistent with GAAP. A limitation of the non-GAAP financial measures presented is that the adjustments concern gains, losses or expenses that JMP Group generally expects to continue to recognize. The adjustment of these non-GAAP items should not be construed as an inference that these gains or expenses are unusual, infrequent or non-recurring. Therefore, both GAAP measures of JMP Group’s financial performance and the respective non-GAAP measures should be considered together. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.

Operating Net Income

Operating net income is a non-GAAP financial measure that (i) reverses compensation expense related to share-based awards and deferred compensation, (ii) excludes the impact of the early retirement of debt issued by JMP Group and a collateralized loan obligation (or “CLO”), (iii) excludes transaction costs related to a CLO, (iv) excludes amortization expense related to a CLO, (v) reverses unrealized gains or losses related to real estate investment properties, (vi) reverses net unrealized gains and losses on strategic equity investments and warrants, and (vii) assumes an effective tax rate. In particular, operating net income adjusts for:

  • the grant of restricted stock units and options;
  • net deferred compensation, which consists of (a) deferred compensation awarded in a given period but recognized as a GAAP expense over the subsequent three years, less (b) GAAP expense recognized in a given period but already reflected in the operating income of a prior period; the purpose of this adjustment is to fully reflect compensation awarded in a given year, notwithstanding the timing of GAAP expense;
  • the impairment of CLO equity recorded among principal transactions, as the company believes that the forecasted reduction in future cash flows will be mitigated by a change in the interest rate environment and that distributions will be larger than currently projected;
  • one-time expenses associated with the redemption of senior notes due 2023 in the third quarter of 2019 and the resulting acceleration of the amortization of remaining capitalized issuance costs;
  • one-time transaction costs related to the refinancing of notes issued by JMP Credit Advisors CLO III;
  • amortization expense related to an intangible asset resulting from the repurchase of a portion of the management fees from JMP Credit Advisors CLO III;
  • unrealized gains or losses on commercial real estate investments, adjusted for non-cash expenditures, including depreciation and amortization;
  • unrealized mark-to-market gains or losses on the company’s strategic equity investments as well as certain warrant positions; and
  • a combined federal, state and local income tax rate of 26% at the consolidated taxable parent company, JMP Group.

A reconciliation of JMP Group’s net income to its operating net income for the quarter and six months ended June 30, 2020, and for comparable prior periods is set forth below.

Quarter Ended

Six Months Ended

(in thousands, except per share amounts)

June 30, 2020

Mar. 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Net income/(loss) attributable to JMP Group

$1,124

($11,748)

($1,112)

($10,624)

$3,957

Add back/(subtract):
Income tax expense/(benefit)

176

(7,239)

(517)

(7,063)

(4,619)

Income/(loss) before taxes

1,300

(18,987)

(1,629)

(17,687)

(662)

Add back/(subtract):
Share-based awards and deferred compensation

(130)

546

587

416

1,431

Impairment of CLO equity

1,013

13,523

14,536

Early retirement of debt

89

89

Amortization of intangible asset – CLO III

277

Unrealized (gain)/loss – real estate-related depreciation and amortization

516

338

221

854

778

Unrealized mark-to-market (gain)/loss – strategic equity investments and warrants

802

3,766

(121)

4,568

(511)

Operating income/(loss) before taxes

3,501

(725)

(942)

2,776

1,313

Income tax expense/(benefit)

910

(189)

(245)

722

341

Operating net income/(loss)

$2,591

($537)

($697)

$2,054

$972

Operating net income/(loss) per share:
Basic

$0.13

($0.03)

($0.03)

$0.10

$0.05

Diluted (1)

$0.13

($0.03)

($0.03)

$0.10

$0.05

Weighted average shares outstanding:
Basic

19,582

19,532

20,772

19,557

21,028

Diluted (1)

19,744

19,654

20,962

19,676

21,151

(1)

On a GAAP basis, the weighted average number of diluted shares outstanding for the quarters ended March 31, 2020, and June 30, 2019, and for the six months ended June 30, 2020, was 19,531,824, 20,771,802, and 19,556,972, respectively, equivalent to the weighted average number of basic shares outstanding, due to the company’s net loss for the periods. Under GAAP, in a period of net loss, dilutive securities are disregarded in the calculation of earnings per share.

Book Value per Share

At June 30, 2020, JMP Group’s book value per share was $2.87. Adding back accumulated depreciation and amortization expense related to commercial real estate investments that is recognized by JMP Group as a result of equity method accounting reflects the reversal of that expense in the calculation of operating net income. The add-back includes a tax provision related to the expense reversed in a given period, due to the company’s election to be taxed as a C corporation as of January 1, 2019. As a result, adjusted book value per share was $3.69 for the quarter ended June 30, 2020, as set forth below.

(in thousands, except per share amounts)

June 30, 2020

Mar. 31, 2020

June 30, 2019

Shareholders’ equity

$56,188

$51,629

$75,441

Accumulated unrealized loss – real estate-related depreciation and amortization

16,132

15,750

14,759

Adjusted shareholders’ equity

$72,320

$67,379

$90,200

Book value per share

$2.87

$2.64

$3.91

Adjusted book value per share

$3.69

$3.45

$4.67

Basic shares outstanding

19,594

19,547

19,302

Quarterly operating ROE (1)

19.2%

(3.8%)

(3.4%)

LTM operating ROE (1)

0.4%

(4.4%)

6.2%

Quarterly adjusted operating ROE (1)

14.8%

(3.0%)

(2.9%)

LTM adjusted operating ROE (1)

0.3%

(3.6%)

5.1%

(1)

Operating return on equity (ROE) equals operating net income divided by average shareholders’ equity. Adjusted operating ROE equals operating net income divided by average adjusted shareholders’ equity. For more information about operating net income, including a reconciliation to net income attributable to JMP Group, see the section above titled “Operating Net Income.”

Conference Call

JMP Group will not hold a conference call in connection with the release of the company’s financial results.

Cautionary Note Regarding Quarterly Financial Results

Due to the nature of its business, JMP Group’s quarterly revenues and net income may fluctuate materially depending on many factors, including: the size and number of investment banking transactions on which it advises; the timing of the completion of those transactions; the size and number of securities trades which it executes for brokerage customers; the performance of its asset management funds and inflows and outflows of assets under management; gains or losses stemming from sales of or prepayments on, or losses stemming from defaults on, loans underlying the company’s collateralized loan obligations; and the effect of the overall condition of the securities markets and economy as a whole. Accordingly, revenues and net income in any particular quarter may not be indicative of future results. Furthermore, JMP Group’s compensation expense is generally based upon revenues and can fluctuate materially in any quarter, depending upon the amount and sorts of revenue recognized as well as other factors. The amount of compensation and benefits expense recognized in a particular quarter may not be indicative of such expense in any future period. As a result, the company suggests that its annual results may be the most meaningful gauge for investors in evaluating the performance of its business.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the anticipated effects of COVID-19 on the company’s business, results of operations and financial condition, and the potential timelines for reopening the economy and its improvement. Forward-looking statements reflect JMP Group’s current expectations or forecasts about future events, including beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. The words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to JMP Group, may identify forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s Form 10-K for the year ended December 31, 2019, as filed with the U.S. Securities and Exchange Commission on March 30, 2020, as well as in the similarly captioned sections of other periodic reports filed by the company under the Exchange Act. The Form 10-K for the year ended December 31, 2019, and all other periodic reports are available on JMP Group’s website at www.jmpg.com and on the SEC’s website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof. Unless required by law, JMP Group undertakes no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this press release.

Disclosure Information

JMP Group uses the investor relations section of its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company’s website in addition to its press releases, SEC filings, and webcasts.

About JMP Group

JMP Group LLC is a diversified capital markets firm that provides investment banking, equity research, and sales and trading services to corporate and institutional clients as well as alternative asset management products and services to institutional and high-net-worth investors. JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities; its hedge fund, venture capital and private capital activities through Harvest Capital Strategies and JMP Asset Management; and the management of Harvest Capital Credit Corporation (NASDAQ: HCAP), a business development company, through HCAP Advisors. For more information, visit www.jmpg.com.

JMP GROUP LLC

Consolidated Statements of Financial Condition

(Unaudited)

(in thousands)

June 30, 2020

Dec. 31, 2019

Assets
Cash and cash equivalents

$47,219

$49,630

Restricted cash and deposits

1,287

1,287

Marketable securities owned

60,064

73,101

Other investments

22,693

35,309

Loans held for investment, net of allowance for loan losses

1,147

1,210

Other assets

74,473

69,720

Total assets

$206,883

$230,257

Liabilities and Shareholders’ Equity
Liabilities:
Marketable securities sold, but not yet purchased

$2,417

$3,855

Accrued compensation

16,420

30,253

Bond payable, net of issuance costs

80,720

82,584

Note payable

10,610

6,812

Other liabilities

41,083

45,392

Total liabilities

151,250

168,896

Shareholders’ Equity:
Total JMP Group LLC shareholders’ equity

56,188

61,688

Non-redeemable non-controlling interest

(555)

(327)

Total equity

55,633

61,361

Total liabilities and shareholders’ equity

$206,883

$230,257

JMP GROUP LLC

Consolidated Statements of Operations

(Unaudited)

Quarter Ended

Six Months Ended

(in thousands, except per share amounts)

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Revenues:
Investment banking

$21,595

$17,736

$36,220

$29,615

Brokerage

5,645

4,657

9,832

9,192

Asset management fees

1,712

2,354

3,428

4,057

Principal transactions

(48)

1,423

(17,600)

6,711

Gain/(loss) on sale and payoff of loans

(21)

(38)

Net dividend income

10

293

237

589

Other income

912

793

1,847

758

Non-interest revenues

29,826

27,235

33,964

50,884

Interest income

1,890

2,772

4,104

17,063

Interest expense

(1,723)

(1,939)

(3,505)

(12,712)

Net interest income

167

833

599

4,351

Gain/(loss) on repurchase or early retirement of debt

697

Total net revenues

29,993

28,068

35,260

55,235

Non-interest expenses:
Compensation and benefits

22,386

19,945

38,599

37,167

Administration

1,067

2,748

3,289

4,677

Brokerage, clearing and exchange fees

647

733

1,281

1,434

Travel and business development

54

1,347

976

2,368

Managed deal expenses

950

1,334

1,538

1,867

Communications and technology

1,085

1,127

2,214

2,180

Occupancy

1,194

1,409

2,393

2,832

Professional fees

731

821

1,621

2,277

Depreciation

397

311

945

608

Other

208

5

208

500

Total non-interest expense

28,719

29,780

53,064

55,910

Net income/(loss) before income tax

1,274

(1,712)

(17,804)

(675)

Income tax expense/(benefit)

176

(517)

(7,063)

(4,619)

Net income/(loss)

1,098

(1,195)

(10,741)

3,944

Less: Net income/(loss) attributable to non-redeemable non-controlling interest

(26)

(83)

(117)

(13)

Net income/(loss) attributable to JMP Group

$1,124

($1,112)

($10,624)

$3,957

Net income/(loss) attributable to JMP Group per share:
Basic

$0.06

($0.05)

($0.54)

$0.19

Diluted

$0.06

($0.05)

($0.54)

$0.19

Weighted average common shares outstanding:
Basic

19,582

20,772

19,557

21,028

Diluted

19,744

20,772

19,557

21,151

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Brokerage Services Market May Set New Growth Story : State Street Global Advisors, JPMorgan …

… Charles Schwab, Amundi, Fidelity, JPMorgan Chase, Robo-Advisors, The Vanguard Group, Marsh McLennan, BlackRock, Allianz & BNY Mellon.

This press release was orginally distributed by SBWire

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Key Applications/end-users of COVID-19 Outbreak-Global Brokerage Services Market: Small and Medium Enterprises (SMEs) & Large Organization

Top Players in the Market are: State Street Global Advisors, Charles Schwab, Amundi, Fidelity, JPMorgan Chase, Robo-Advisors, The Vanguard Group, Marsh?McLennan, BlackRock, Allianz & BNY Mellon

Region Included are: North America (Covered in Chapter 7 and 14), United States, Canada, Mexico, Europe (Covered in Chapter 8 and 14), Germany, UK, France, Italy, Spain, Russia, Others, Asia-Pacific (Covered in Chapter 9 and 14), China, Japan, South Korea, Australia, India, Southeast Asia, Others, Middle East and Africa (Covered in Chapter 10 and 14), Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Others, South America (Covered in Chapter 11 and 14), Brazil, Argentina, Columbia, Chile & Others

Enquire for customization in Report @: https://www.htfmarketreport.com/enquiry-before-buy/2735472-covid-19-outbreak-global-brokerage-services-industry-market

Important Features that are under offering & key highlights of the report:

– Detailed overview of COVID-19 Outbreak- Brokerage Services market

– Changing market dynamics of the industry

– In-depth market segmentation by Type, Application etc

– Historical, current and projected market size in terms of volume and value

– Recent industry trends and developments

– Competitive landscape of COVID-19 Outbreak- Brokerage Services market

– Strategies of key players and product offerings

– Potential and niche segments/regions exhibiting promising growth

– A neutral perspective towards COVID-19 Outbreak- Brokerage Services market performance

– Market players information to sustain and enhance their footprint

Read Detailed Index of full Research Study at @ https://www.htfmarketreport.com/reports/2735472-covid-19-outbreak-global-brokerage-services-industry-market

Major Highlights of TOC:

Chapter One: COVID-19 Outbreak-Global Brokerage Services Market Industry Overview

1.1 COVID-19 Outbreak- Brokerage Services Industry

1.1.1 Overview

1.1.2 Products of Major Companies

1.2 COVID-19 Outbreak- Brokerage Services Market Segment

1.2.1 Industry Chain

1.2.2 Consumer Distribution

1.3 Price & Cost Overview

Chapter Two: COVID-19 Outbreak-Global Brokerage Services Market Demand

2.1 Segment Overview

2.1.1 APPLICATION 1

2.1.2 APPLICATION 2

2.1.3 Other

2.2 COVID-19 Outbreak-Global Brokerage Services Market Size by Demand

2.3 COVID-19 Outbreak-Global Brokerage Services Market Forecast by Demand

Chapter Three: COVID-19 Outbreak-Global Brokerage Services Market by Type

3.1 By Type

3.1.1 TYPE 1

3.1.2 TYPE 2

3.2 COVID-19 Outbreak- Brokerage Services Market Size by Type

3.3 COVID-19 Outbreak- Brokerage Services Market Forecast by Type

Chapter Four: Major Region of COVID-19 Outbreak- Brokerage Services Market

4.1 COVID-19 Outbreak-Global Brokerage Services Sales

4.2 COVID-19 Outbreak-Global Brokerage Services Revenue & market share

Chapter Five: Major Companies List

Chapter Six: Conclusion

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Key questions answered

– What impact does COVID-19 have made on COVID-19 Outbreak-Global Brokerage Services Market Growth & Sizing?

– Who are the Leading key players and what are their Key Business plans in the COVID-19 Outbreak-Global Brokerage Services market?

– What are the key concerns of the five forces analysis of the COVID-19 Outbreak-Global Brokerage Services market?

– What are different prospects and threats faced by the dealers in the COVID-19 Outbreak-Global Brokerage Services market?

– What are the strengths and weaknesses of the key vendors?

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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Coverage Initiated on ‘Emerging Colossus in Diagnostics and Life Science’

… securities of Meridian Bioscience, Inc., Applied DNA Sciences, Inc., BioNTech SE and Co-Diagnostics, Inc. (including, without limitation, any option, …

In a July 27 research note, analyst Yi Chen reported that H.C. Wainwright & Co. initiated coverage on Meridian Bioscience Inc. (VIVO:NASDAQ) with a Buy rating and a $34 per share target price. The biotech’s current share price is about $24.31.

The “fully integrated” company, as described by Chen, has two primary business segments: Life Science and Diagnostics.

Life Science, which accounted for 32% of revenue as of Sept. 30, 2019, manufactures and distributes bulk antigens, antibodies, polymerase chain reaction (PCR) reagents, nucleotides and other bioresearch reagents.

Diagnostics, comprising 68% of revenue at Sept. 30, 2019, develops and markets diagnostic platforms and test kits for elevated blood lead levels and gastrointestinal and respiratory infectious diseases.

Chen highlighted that Meridian’s combination of life science and diagnostics “is poised to win during and after the pandemic.” Since the start of COVID-19, revenue from its Life Science component has “surged,” the analyst noted, due to the company providing, to its in vitro diagnostic customers, reagents for PCR tests and recombinant antigens for antibody tests for detecting SARS-CoV-2. At least 35 of Meridian’s customers have had COVID-19 tests on the market.

Further, the Cincinnati-based company recently debuted a high-sensitivity SARS-CoV-2 nucleocapsid antibody pair to be used in developing rapid antigen assays. This product rounds out its COVID-19 testing offerings, Chen wrote.

“Given that Meridian is one of a few commercial suppliers with scale and quality, that the pandemic is escalating in the U.S. and other parts of the world and that customers cannot switch suppliers for commercialized assays easily, we believe the company should continue to experience robust growth in the Life Science segment in fiscal year (FY) 2020 and FY21,” commented Chen.

Unrelated to COVID-19, Meridian is “working on a proprietary panel on its Revogene diagnostic platform, which does away with the need to RNA extraction,” Chen indicated. The removal of this step could result in a faster and cheaper testing option. The company could submit a 501(k) application for the panel, which could include testing for influenza A, influenza B and respiratory syncytial virus, in spring 2021.

Chen pointed out that Meridian has proven over the past 10-plus years that its operations are both profitable and sustainable and they are expected to continue on that trajectory in the near future at least.

The company’s growth has been internal and acquisition based, the latter due to management’s “pragmatic and opportunistic approach” to pursuing strategic deals. Chen cited the GenePOC and Exalenz deals as examples of transactions that expanded Meridian’s product portfolio.

H.C. Wainwright forecasts Meridian’s revenue in FY20 to be $232.7 million and in FY21 to be $269 million, both figures in the middle of the biotech’s guidance and equating to 15% growth each year.

As for the performance of each segment, the financial institution expects Life Science to experience topline growth of 74% in FY20 due to COVID-19 but Diagnostics to primarily drive overall growth long term. “The increasing interactions with Life Science customers in the near term could facilitate relationship building for long-term opportunities in the Diagnostics segment,” added Chen.

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Disclosure:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Disclosures from H.C. Wainwright & Co., Meridian Bioscience Inc., Company Update, July 27, 2020

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months.

I, Yi Chen, Ph.D. CFA, Raghuram Selvaraju, Ph.D. and Blair Cohen, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Meridian Bioscience, Inc., Applied DNA Sciences, Inc., BioNTech SE and Co-Diagnostics, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of June 30, 2020 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Meridian Bioscience, Inc., Applied DNA Sciences, Inc., BioNTech SE and Co-Diagnostics, Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from Co-Diagnostics, Inc. for non-investment banking services in the previous 12 months.

The Firm or its affiliates did not receive compensation from Meridian Bioscience, Inc., Applied DNA Sciences, Inc. and BioNTech SE for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm or its affiliates did receive compensation from Co-Diagnostics, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Co-Diagnostics, Inc. during the past 12 months.

The Firm does not make a market in Meridian Bioscience, Inc., Applied DNA Sciences, Inc., BioNTech SE and Co-Diagnostics, Inc. as of the date of this research report.

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