NEW YORK (AP) -- Oppenheimer Holdings Inc.'s profit grew nearly 18 percent in the second quarter, as a rising stock market helped lift the investment management firm's revenue.
Albert Lowenthal, Oppenheimer's chairman and CEO, noted that higher equity valuations and client investment flows helped boost fees, contributing to the firm's revenue growth.
"We expect that an improving economy and higher consumer confidence will be reflected in higher levels of activity over the balance of the year," he said Friday.
The New York firm said that its net income grew to $2.85 million, or 20 cents per share, in the three months ended June 30. That compares with $2.42 million, or 17 cents per share, in the prior-year period.
Revenue increased nearly 5 percent to $243.8 million from $233.1 million, as growth in private client and asset management revenue helped offset declines in capital market, commercial mortgage banking and corporate revenue.
Shares fell 32 cents, or 1.7 percent, to $19.10 in afternoon trading. The stock is up about 10 percent this year.