Investment management firm Charles Stanley saw assets under management fall last year due to challenging market conditions.
Funds under management and administration were £22.8bn in the three months to the end of December, representing a decrease of 8.8 per cent, the City-headquartered firm announced today.
The drop can be blamed on a sharp fall in equity markets between September and December, the company said in a trading update.
Commission income for the quarter decreased by £2.1m, and trading activity by volume was 17 per cent lower than the previous year.
However, core business revenues rose 3.4 per cent to £115.1m from £111.3m and revenues increased slightly, up 0.3 per cent year-on-year.
Charles Stanley chief executive Paul Abberley said: “Despite difficult market conditions in the third quarter, which have had a significant negative impact on headline funds under management and administration, I am pleased to report that we continued to win new discretionary mandates and that financial planning and Charles Stanley Direct delivered strong increased in revenues.
“We will continue to invest in scaling these divisions as part of our holistic wealth management proposition.”