View more on these topics

Ashcourt Rowan reports £16.8m loss

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.“


Bolton’s Fidelity China special sits reduces gearing

Anthony Bolton’s Fidelity China Special Situations investment trust has reduced its gearing from 125 per cent to 117 per cent, while stock markets around the world remain volatile. Gearing magnifies the performance of an investment trust. It is therefore typically upped when the manager is bullish on the investment universe, which is not without risks […]

BlackRock wants volatility bands to sort out absolute confusion

BlackRock head of UK retail sales Mark Elliott says the IMA should look to introduce volatility bands for the absolute return sector to improve transparency. Elliott says since the IMA launched the absolute return sector five years ago, it has grown at a rapid pace and now has over 60 funds in the sector. BlackRock […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. 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 !

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm