Charles Stanley has announced its head of investment management, Anthony Scott, is stepping down from the board of directors after 17 years at the firm.
Appointed to the board in 2012, Scott became head of investment management and an executive director in 2014. He first joined the firm in 1999.
Scott’s resignation comes as the firm reveals in its trading update for the 12 months to 31 March that funds under management have droped 3.8 per cent to £20.5bn, compared to £21.3bn a year ago.
Revenues also decreased from £149m to £141m.
In last year’s statement, Charles Stanley announced it was focussing entirely on wealth management operations, and in July it sold its corporate finance arm.
Paul Abberley, Charles Stanley’s chief executive, said: “Despite the challenging trading conditions and volatile markets experienced during the second half of the financial year, the level of discretionary funds has remained stable and investment management fees have grown marginally.
“The focus from management continues to be on the implementation of the group’s turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects.”