Alliance Trust yesterday revealed it was cutting five fund managers as part of a plan to save £2m per year.
The investment manager reported total shareholder returns of 2.1 per cent in the third quarter, putting it in the top half of the sector.
The firm, headed by chief executive Katherine Garrett-Cox, said the changes to pension rules and the ISA limits had pushed usual investment flows out of line.
“The ISA season was very disjointed, but we have seen £140m flows into ISAs in the third quarter, with customers taking advantage of the new limits, compared to £82m received in the third quarter of 2013,” the group said in a statement.
Investments had also been moved around due to the Scottish referendum.
Alliance Trust said it had seen an increase in investor inquiries in the run up to the vote on independence.