The UK arm of AWD Group is blaming market turbulence for plummeting to a £2.8m loss last year after a £2.9m profit in 2006.
A statement by AWD says: “The revenue and earnings development of AWD UK was dominated by the property and financial market crisis and the resulting customers’ investment reticence in the second half of the year.”
Total UK revenue fell by 6.7 per cent from £120m in 2006 to £112m last year. Operating profit for the group as a whole increased by 8.6 per cent from £61.4m to £66.7m.
AWD accepted an offer from Swiss Life to buy the group for £824m in January.
It is thought that a number of suitors, including private equity firms and IFAs, are interested in buying the UK arm of the business, which has 450 advisers. Swiss Life statements have consistently excluded the UK from its future strategy.