Wealth manager Charles Stanley's chief executive Paul Abberley has said the company will invest in its network of financial advisers, even as assets under management at the company declined.
The assets under management (AUM) of the company declined by 4.4 per cent for the three months to the end of March, compared with the previous three months, with the company blaming the fall in equity markets.
Mr Abberley said: "As we enter our new financial year, our focus remains on growing our higher margin assets.
"We also intend to build scale in our execution-only platform. and invest in our network of financial planners and distribution capabilities. Concurrently, we continue to work on improving productivity and enhance operational efficiency."
In an update to the stock exchange, Charles Stanley said its assets under management at 31 March 2018 were £23.8bn.
On a full-year basis to that date, assets under management were 0.8 per cent higher.
Charles Stanley stated it achieved positive inflows in the first quarter of 2018, "but this was more than offset by a general decline in equity market values", the company stated.
The company stated its Charles Stanley Direct service increased assets by 17.4 per cent in the 12-months to 31 March.
Assets in its advisory managed and advisory dealing service continued to decline with clients transferring into the other services provided by the company.