UK - Friends Ivory & Sime's profits have slid by 11.8% in the half year to June 30, its interim results reveal.
Profits fell from £14.4m in the six months to June 30, 2001, to £14.4m while revenues fell by nearly 20% from £43.8m to £35.3m over the same periods.
Assets under management have fallen by £2.6bn to £31.2bn in the six months to June 30 and amounts managed for institutional clients fell from £3.5bn to £2.7bn over the same period – a drop that was blamed on a poor environment for its funds.
FIS chairman Sir David Kinloch said: “The institutional market remains difficult due to the volatility of stock markets and the fact that the current environment does not favour our growth investment style.”
The disappointing figures follows several high-profile departures after FIS’s acquisition of Royal & SunAlliance Investments early last month.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.
The Pensions Advisory Service (TPAS) helped 187,000 people in 2017/18, a 9% fall on the previous year despite setting up special helplines for specific scheme members.
The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.