Investment brokerage company Maximus Capital Markets in a press release announced strong earnings for 2009, its first full year in operation. Despite unprecedented challenges faced by the global financial community last year, the Baltic firm has delivered strong performance along two core lines of business: brokerage on the financial markets and wealth management.
For investment professionals, 2009 will be remembered as one of the toughest years in modern history. This was not an exception for the Baltic market.
Against this backdrop, Maximus Capital Markets reported profit of 243,500 euros for 2009. Net commission income rose from 2,920 euros in 2008, to 661,290 euros last year, while assets under management grew almost 50 times, to 14,135,700 euros.
Commenting on the results, Gene Zolotarev, Maximus Capital Markets’ founder and main shareholder, stressed that delivering such performance would have been impossible without an uncompromising focus on customers’ needs, which is the cornerstone of the firm’s success. Zolotarev is owner of Baltic News, Ltd., owner of The Baltic Times.
Vladimir Ginzburg, chairman of the management board, added that the experience and professionalism of the team played a very important role in generating substantial profitability amid market challenges. Speaking of the firm’s future plans, Ginzburg remains optimistic. “In 2010, we will continue to grow the firm’s brokerage business, which is at the forefront of our developing operations. We expect to make strong progress in each segment of our business for every market we serve.”