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.“