Sales in Ashcourt’s core wealth management business jumped from £29.1m to £35.1m but a loss has come largely from one-offs and impairments of £16.8m and a hit of £825,000 in its Financial Services Compensation Scheme levy. This compares to a levy of just £71,000 in 2009/10.
The results come barely weeks after the firm lost chairman Peter Dew. Although Dew was with the firm for five years, he only spent 15 months in the top job and was the man who oversaw the company’s strategic review earlier this year.
At the same time investment director Guy Stephens and Tim Cockerill, head of research, quit the firm to join rivals Rowan Dartington.
Dew’s strategic review triggered Ashcourt Rowan to dump its institutional business in favour of wealth management.
The financial period also saw Ashcourt Rowan’s acquisition of Co-operative Bank Independent Financial Advisers (CIFA) in October 2010 and the resultant expenditure, as well as opening a new office in Newcastle.
Kenneth “Buzz” West, the newly appointed non executive interim chairman of Ashcourt Rowan, said: “The period under review was one of significant transformation for the group. We are now fully embarked on a programme of strengthening our board and widening the distribution channels through which our services are delivered.”
Funds under discretionary or managed advisory mandates increased by 6% year-on-year from £1.56bn to £1.66bn.
The group now claims influence to funds valued at £2.32bn at year-end, compared to £1.32bn last year.
