Advisory funds under management fell from £7.7bn at 30 September to £7.5bn at 31 December, with £100m in transfers to its execution only service accounting for the other half of the £200m difference.
Meanwhile discretionary funds under management increased by £300m to £18.5bn, keeping total managed funds relatively flat quarter-on-quarter, at £26bn.
The firm reported a 13.7% year-on-year increase in income during the quarter despite an ongoing reduction in trail income.
Compared with the previous quarter to 30 September, however, income was down 5% as the group prepared for RDR implementation and the decrease in trail income took effect.
“The trend towards an increasing proportion of recurring fee income is continuing, albeit at a marginally slower pace than during 2012. Re-pricing and moving to new national rate cards remains on track for completion by the end of this financial year although progress was slower than anticipated,” the firm said.
Non-recurring income was up 16.8% on the equivalent period in 2011 at £21,229, while recurring income rose by a slightly lower 15.6% to £43,073.
Other operation income was down 16.4% from £4,245 at the end of December 2011 to £3,547 at the end of December 2012.
