TOKYO :Daiwa Securities, Japan's second-largest brokerage and investment bank, said on Monday that net income slumped 24 per cent in the fourth quarter, hurt by lower valuations for its alternative assets business and a tumble in trading income. However, net profit for the full year rose 27 per cent, indicating Daiwa has had some success in developing a business model with more stable sources of recurring revenue. Its wealth management division saw annual asset inflows almost double to 1.57