Funds under management were £103.1bn down from £110.2bn at the end of December.
Profit before tax for the group’s asset management and private banking and exceptional items were down to £35.9m from £77.1m in the same period.
Asset Management income for the quarter fell to £131.9m down from £197.1m in Q1 2008 while that for private banking slipped £26.4m from £27.4m, the previous year.
The group says the high level of volatility in financial markets in Q1 is likely to persist and continue to affect investor demand. Against this backdrop the firm intends to further cut costs this year and in 2010.
It says: “Competitive investment performance, a proven distribution capability, diversified geographic and product offerings, and a strong financial position continue to be competitive advantages in a more challenging environment.”