Ashcourt Rowan's operating profit fell to £2.72m for the year to 31 March compared to £2.96m the previous period, as the wealth manager completed its merger into Syndicate Asset Management.
However, Ashcourt Rowan's revenue for the year rose to £21.09m compared to £20.65m in 2009. Approximately 58% was related to financial planning advice while 41% came from discretionary and advisory asset management business. Ashcourt Rowan now accounts for £2.3bn of Syndicate's total £5.6bn funds under management at the end of March 2010. Zenith Funds, another part of Syndicate AM which provides a range of investment funds including multi-manager products, saw a loss in revenue from £4.34m in 2009 to £2.69m for the year ending 31 March 2010. Syndicate plans to sell off the group's ...
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