Thank Jeff to you, a momentum we’ve everyone, of recently Steve morning, the strong the and welcome in XXXX Earnings CFO, to Quarter added off operator. Good joining record on Cowen’s QX, Call. Solomon, today our experiencing Building Second This been businesses. me our is is second call Lasota. our results and quarter
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today, raising one demonstrates our capital investment Thus of result this solid leading for foundation sector, remains capital which diversify. are in we a to banks need equity we as it a the the As even business raising. for consistent look
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Our grew of brokerage revenue income XX% second quarter economic XXXX. on to compared the an basis
a year day ago the day As one included of trading quarter. Total month trading million year reminder, per per revenue averaged the in to prior $X.X $XXX,XXX quarter brokerage compared Convergex.
years made Over to elevate have brokerage long-term investments franchises. the our we and significant research both
to sophisticated to and especially of key environment. non-conflicted liquidity our market research us position our differentiated are share value as us because provider efforts paining MiFID and in II approach basis. enabling off, gain market Our a a Clients a on post
will we individual business institutional the the For brokerage broadly purposes describe as units and institutional services. of markets this within call,
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with scale and to our on improved base make returns based decisions will equity. strategy’s continue each thereby on to ability fostering margins client We
forward products in going alternative we strategy fall. focused As that calls, discussed such which we private our certain domains, we’re term what healthcare as This on prior Cowen last developing we leverage launched DNA. is expertise on Cowen’s investment
sheet forward, focusing platform, on in combination We our outside that hedge also simultaneously. capital. been will which towards would style incubate raising of Over a first time work traditional broader previously more strategies for had traditionally equity strategies, shift Cowen on private focused. going efforts is how first balance And whereas launch better strategies focused actions we focused a internally aligned these putting and a before the Cowen to platform. expect more are we’re versus we made capital strategies our and result profitable strategies in raising fund we we new with Today external these
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call the we phase. our position growth position evolution, of around merger it income. we’re roadmap course core platform which you’ve that in simpler, be to competencies next Cowen address today. XXXX. reposition me since phase for value deeper, of and sort of undergone drove is creation some is rebuild heard a the The and deeper economic not a with the actually first And in our remarks phrase increasing of taking what ourselves for simpler, Evolution there of time to and is started prepared the fewer, – catch fewer, in which Ramius we doing, Cowen phase my we’ve describe out portions to
us rests pieces and our guide challenge progress opportunity begin returns. squarely deeper is in on one core hear of us shareholder the framework that more it that as the you’ll out we of executing the laying framework and will our to talk driving to about of greater some Now fewer, share Simpler, initiatives.
on returns One of been is improving we’ve on working capital higher allocation initiatives process drive equity. our the to
be objective is should view achieve opportunities which the to drive stronger shareholders business, the should also capital that the growth Our appropriate right capital present to allocation themselves. long-term carefully balanced when returning while returns to and
we which to capital not million we That to expense that the say XXXX evident is same business our it’s current business. to buybacks, the our would opportunities. to the not return growing time, but repurchase the think is $XX.X had of million approximately opportunity our allocated with the of greatest leaving the stock adjusted strong growing way the addition experience common of plan of under the $X.X I to judiciously we But not business, the recognized during repurchased half our to available risk we quarter reward in at our result this along areas capital first why we in shareholders program.
value operating balance with Of simultaneously comes returns be in which balance course, In align and which more our return overall funds is view short-term businesses. activities scale over we that the continuing more comfortable be long-term. capital with sustainable underperforming we’re creation closely the taking our to this optimize returns which territory. the fashion perspective returns capital better longer from comes to in equity. by complementing short-term a will closing of sometimes We some position this business We’ll to believe of deliver down to them our optimizing we in an can’t also – the view, means allocation drive sheet a when on of order
balance that heard. heard you’ve to philosophy be seen are not me this our meant As say before, into plays sheets
that it to investments. going clear detail. also area a sheet it’s legacy the In a confused business And investors, us is to explain the so more has addition this some a and of by further volatility private reductions to monetize quarterly our we’re to our a growing investment that businesses, roadmap spread few from lot of balance making in take minutes de-risking on I’m of to contribution working in our
at invested capital. break look the our we of components you If investor presentation, down
of tied our XXXX, $XXX private investment. ended For estate totaled well invested investments is non-core capital as June million XX, which real as the $XXX a quarter million to
investments portion income was of During anything is income. first months contribute to six operating income the very That businesses large the will to investment quarter. economic little the coming I economic of net operating over our a to leave the math it say, you did on year, sheet. of our the generated ROE do our from those with balance and not to true
So that a we’ll financials over Steve? brief call our the of Steve I for said, up. with and will turn review close then Lasota to it
