AUM is down from £2.9bn in 2016.
The broker revealed an operating loss of £1.6m, stating it was due to market conditions alongside changes to the business such as the reporting period.
However, revenue for the firm still rose 7.5% on the year to a total of £36.4m.
In a separate statement, WH Ireland confirmed Killingbeck (pictured), who joined the company in September 2012 as head of private wealth management, would step down from his role as CEO on 31 July 2018.
The move follows the departure of WH Ireland’s head of wealth management Roddy Buchanan, who left the firm with immediate effect last week due to a difference of opinion regarding the strategic direction of the private wealth management division.
Killingbeck, who has been CEO since January 2013, will not seek re-election as a director of the company at the annual general meeting on 27 September. He is looking to pursue other opportunities, the company said.
Phillip Wale will replace Killingbeck. He joins from Cantor Fitzgerald Europe where he had been head of fixed income for the last two years.
Shares fall
Following the announcements, shares in the company fell over 8% during early trading.
Tim Steel, chairman of WH Ireland, said Killingbeck had overseen key transformational changes and that Wale would build on the changes that have already taken place.
Steel said considerable progress has been made with WH Ireland’s transformation, despite the losses incurred last year. He said the firm has a “much clearer path to profitability” ahead.
“We have had a good start to the new year, with progress in our core KPIs including recurring revenues, corporate transactions and discretionary funds under management.
“This gives us considerable confidence that we will report an improved financial performance and be profitable in the current year, with further strong progress anticipated in the following financial year as we benefit from the full cost savings and revenue enhancements from our various projects.”
