Investors Capital Holdings Ltd. (ICH), the publicly traded parent company of independent broker/dealer Investors Capital Corp. (ICC), has named Tim Murphy president and CEO, replacing Ted Charles, who will remain chairman of the parent company's board and, the company said in a statement, will focus on "assisting the firm in more strategic areas."
Murphy is a founder of ICH, has served on its board since 1995, and served as president of ICH's subsidiaries, ICC and Eastern Point Advisors, since their inceptions.
ICH, which trades on the Amex, announced August 22 that it had a net loss of $0.27 million, or $0.04 per share, on record revenue of $22.9 million for its fiscal first quarter ended June 30. However, the company reported that its advisory fee revenue increased 38% for the quarter to $3.0 million versus $2.2 million for the same quarter in 2007. In the most recent quarter, ICH's commissions, which the company noted represents the bulk of its revenues, dipped 2.2% to $19.3 million from $19.7 million in the same quarter in 2007.