Ashcourt Rowan reports £16.8m loss
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Ashcourt Rowan has reported a £16.8m loss for the year to March 31, mostly as a result of one-off costs related to the sale of two of its businesses and an £825,000 Financial Services Compensation Scheme levy.
The results show costs associated with the sale of institutional fixed income business Epic Asset Management, which Hume Capital bought in April for £2.1m, and Zenith CI were £12m plus another £3.3m in one-off reorganisation costs. It follows a loss of £2.1m for the previous financial year.
Funds under management increased 6 per cent to £1.66bn from £1.56bn in the previous year while funds under influence in the group’s financial planning business increased to £2.32bn in comparison to £1.32bn to March 31 2010.
Ashcourt Rowan interim non-executive chairman Buzz West says: “The performance of our core ongoing operations has been greatly overshadowed by the exceptional headline loss items.“
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Readers' comments (1)
Steven Kember | 15 Aug 2011 9:18 am
Exactly what due diligence was done when Cooperative Financial Services sold their IFA to Ashcourt Rowan? No wonder we have seen a number of senior people leave this business in the last few months. I am sure the ex coop IFAs and customers must be wondering what is going on !
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