Ladenburg Thalmann has reported a large rise in revenues year-over-year, by 171 per cent, while making a net loss of $5 million for the second quarter, down from net income of $200,000 a year earlier.

Second quarter revenues were $163.4 million at the firm, while expenses stood at $169 million. The pre-tax loss was $4.9 million.

“Ladenburg continued to see a significant increase in revenues as a result of the Securities America acquisition, which further expanded our growing independent brokerage and advisory business,” said Dr Phillip Frost, Chairman of Ladenburg.

The firm’s combined brokerage and advisory business – encompassing Ladenburg Thalmann & Co, Investacorp, Triad Advisors and Securities America – has around 2,700 financial advisors and $70 billion client assets. Ladenburg Thalmann & Co also has an investment banking division.