The fall in FUM from £698m at the start of its third quarter to £612m at the end of it was as a result of Walker Crips Asset Management (WCAM) moving the administration of its offshore funds in-house, the statement said.
At the start of the calendar year FUM were at £753m.
Meanwhile, FUM within WCAM’s core unit trust and UK-based funds increased by 8.1% in the quarter.
The group said trading levels for the three months to 31 December remained weak, continuing the trend from earlier in the year, as equity volumes remained relatively low.
This resulted in net revenue in the period decreasing by 9.8% to £3.39m, compared to £3.76m a year earlier.
Walker Crips said it was trying to reduce its reliance on volatile commission revenues, which fell by more than a quarter (28.7%) during the quarter.
It added that the firm remained in a healthy financial position, but due to the difficult trading conditions being experienced across the financial sector would see full-year profits suffer.