Revenues at stockbroking, advisory and discretionary business Charles Stanley fell in the third quarter last year as a result of a quiet trading environment brought on by the depressed UK economy.
The group's revenues for the three months to 31 December 2011 were £27.3m, down from £32.3m in the corresponding period the previous year.
It said its commission income - down to £10.6m from £16.6m - had been hit by reduced bargain volumes caused by the poor trading environment, euro uncertainty and depressed UK economy.
However, Charles Stanley's fee income was up almost 6% in the period, rising to £16.6m from £15.6m.
It said total client funds at £14.48bn were in line with figures from March last year (£14.5bn), mainly as a result of growth in its managed funds businesses, Matterley.
'Right thing to do'
£69m spent on upgrades
European fintech market 'underserved'