Ashcourt Rowan has seen revenues fall in the year to 31 March following an internal restructure which saw a number of managers exit the firm.
The company’s trading update, published today, says while revenues are down year on year, revenues in the second half rose £1.1m from H1 to £17.1m.
Ashcourt Rowan says total funds under management and influence reached £3.7bn and discretionary assets under management were stable at £1.6bn, with “organic growth offsetting expected reduction” following the departure of asset managers in 2012.
The company will publish its full year audited results on 2 July.
Ashcourt Rowan chief executive Jonathan Polin says: “Over the last 12 months a huge amount of work has been completed to re-engineer the company to ensure we are fit for purpose to meet the demands of the new regulatory environment and to take advantage of the opportunities the dislocation of the sector affords us.
“We have stabilised the company’s financial position, worked to embed new systems, controls and ICT infrastructure, and revitalised our investment offering and client proposition in preparation for the implementation of RDR leaving us strongly placed to grow.”
Last month, Mattioli Woods subsidiary City Pensions Limited acquired Ashcourt Rowan’s pension administration business in a deal worth up to £1.3m.
Ashcourt Rowan said it sold the business in order to focus on its core business areas.