Alliance Trust Savings has made a pre-tax loss of £5.2m for 2015 due to the platform’s technology spend and lower than expected revenues.
The platform posted a loss of £3.9m in 2014.
Alliance Trust Savings say it has invested a total of £37.1m in the business over the year, driven by its £14m acquisition of execution-only broker Stocktrade fom Brewin Dolphin last May.
Retail customers were transferred onto the platform in the autumn, adding £700m in assets under administration and almost 9,000 new clients. Alliance Trust Savings expects to finish transferring corporate clients by the end of June.
Overall assets under administration have risen 32 per cent over the year from £6.4bn to £8.5bn. Customer accounts are up 18 per cent from 71,762 to 84,746.
The results say: “The loss of £5.2m was attributable to expenses incurred on new technology, the cost of implement a revised management and board structure and lower than anticipated revenue.
“The acquisition of Stocktrade, together with the investment in new technology, were key developments for Alliance Trust Savings and the business is now positioned to deliver a profit in 2016.”
Alliance Trust Investments narrowed its losses from £3.2m in 2014 to £2.1m in 2015.
It was announced last month chief executive Katherine Garrett-Cox is standing down from the helm of the investment trust after almost eight years in the role.
In October Alliance Trust set out wide ranging plans to overhaul the business in a bid to deliver £6m in cost savings. Independent boards have also been appointed for both Alliance Trust Savings and Alliance Trust Investments.