http://www.reuters.com/article/reutersEdge/idUSTRE53L4LX20090422
(Reuters) - Knight Capital Group Inc's (NITE.O) quarterly profit fell 71 percent on losses from its discontinued asset management segment, but daily trade volume at the electronic trading services provider rose 17 percent in March.
"The major market indexes reversed course mid-month, spurring activity among diverse market participants and driving broad stock market volumes," Chief Executive Thomas Joyce said in a statement.
Trading was particularly strong in low-priced stocks and the company continued to deepen liquidity in listed and Nasdaq securities, the CEO said.
March average daily U.S. equity trade volume was 4.4 million, up from 3.8 million in February. Average daily dollar value traded in March was $21.6 billion, up about 11 percent from February.
Knight Capital said it completed its exit from asset management segment, Deephaven Capital Management, which posted a loss of 23 cents a share.
Many hedge funds and asset managers have struggled with redemptions since the global credit crisis ballooned in the second half of 2008, as investors fled for the safety of cash and government bonds. That triggered forced sales of many assets, depressing markets worldwide.
Net income for the first quarter was $9.4 million, or 10 cents a share, compared with $32.5 million, or 35 cents a share, in the year-ago period.
From continuing operations, the company earned 33 cents a share.
Analysts expected the company to earn 38 cents a share, excluding losses from Deephaven, according to Reuters Estimates.
Revenue for the quarter rose 26 percent to $245.4 million.
Shares of the Washington Boulevard, Jersey City-based company were up 7 percent at $16.13 Wednesday morning on Nasdaq.
(Reporting by Anurag Kotoky, Sweta Singh in Bangalore; Editing by Ratul Ray Chaudhuri)
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