Toronto-based independent brokerage firm GMP Capital Inc. (TSX:GMP) posted a profit in the second quarter, after selling several of its alternative asset funds.

The company said Friday that net income for the quarter ended June 30 was $4.8 million compared with a loss of $0.4 million a year earlier.

Revenue fell to $60.3 million, compared with $62.7 million a year ago.

“Market conditions remained challenging for the quarter, driven by very low levels of activity in the resource sectors,” said Harris Fricker, CEO, in the statement.

“We believe that we have now substantially completed the personnel and operational changes needed to sustain the business through the downturn and to position it for out-performance in more normalized markets,” he added.

The firm agreed in January to sell several funds, including GMP Diversified Alpha Fund, to Montreal-based Fiera Capital Corp. (TSX:FSZ) for $10.8 million. (See Investment Executive, Fiera buys alternative asset funds from GMP, Jan. 18, 2013.)

The transaction was completed during the second quarter.

Also Friday, GMP announced the appointment of Fiona Macdonald to the board of directors, effective August 8. Macdonald is currently the executive compensation practice leader, Canada and U.S. West for Towers Watson.