Jelf IFA arm revenues fall

The wealth management business of Jelf, which represents 12% of the group's revenues, has been hit by difficult market conditions. Revenues fell 8% to £8.3m in the 12 months to 30 September 2009, while EBITDAE dropped 134% to minus £0.19m. Operating profits took a major hit, ending the financial year with a loss of £8.98m following impairment of acquisition goodwill of £7.26m. However, assets under management increased during the year, with £240m of client funds on third-party platforms at the end of September 2009, compared with £200m in the same period of 2008. The group says ...