The firm said the revenue slump was a "continuation of the trend communicated in the half year statement, which set out the downward pressures on revenues".
Within the result total fees increased by 5.8% to £16.6m in the three months to 31 December, but commission was down £6m at £10.6m due to reduced bargaining volumes caused by the poor trading environment.
Managed funds have been the main driver of the growth in funds under management, with a net increase of 8.6% compared to a market performance of -6.2% in the same period.
Discretionary funds for the period were up 6.3% at £4.6bn, while advisory managed funds were up 2.7% at £2.67bn.
