The firm’s full year revenue is below that of the previous year, although H2 saw a return to growth at £17.1m.
The decline is the result of a series of restructures at the firm which saw several fund managers leave, and a number of senior appointments.
This year alone the firm has announced a couple of senior hires; Gaius Jones was named as CEO of financial planning in March and will join the firm later in the year, while David Palmer was named as a business director within the asset management business.
Outsourcing
The firm has outsourced operations of its asset management to the TD Wealth platform and sold its SIPP and SSAS business to Mattiolli Woods.
The Savoy Investment Management arm, meanwhile, has been integrated into Ashcourt Rowan Asset Management. Last year it was slapped with a £412,000 fine for failure to retain adequate client information and as a result asset management chief Christopher Jeffreys and head of compliance Mark Smith resigned from their positions.
Jonathan Polin, chief executive, said: “Over the last twelve months a huge amount of work has been completed to re-engineer the company to ensure we are fit for purpose to meet the demands of the new regulatory environment and to take advantage of the opportunities the dislocation of the sector affords us.
"Our focus in 2013/ 2014 will be on delivering growth for the company, repairing the revenue line following some agreed departures of assets and managers last year, and growing new revenue lines organically.”
