Hefty FSCS levy helps send Ashcourt Rowan to 2010 loss

The wealth manager said the £16.8m loss for the 12 months to 31 March resulted from a series of one-off items, including its disposal of institutional fund management brands Zenith and EPIC. Without these, it said the core underlying business generated a profit before interest, tax depreciation and amortisation of £1m. It follows a strategic review of the company, which will now focus on wealth management. Revenues in the group's wealth management business increased 21% from £29.1m in 2010 to £35.1m. This was boosted by its acquisition last year of the Co-operative Bank Independ...