WH Ireland saw its losses increase as its chief executive announced he would stand down at the end of the month.
Richard Killingbeck has been chief executive of the wealth management company since January 2013 but is standing down to "pursue other opportunities".
He will be replaced by Phillip Wale, currently head of fixed income at Cantor Fitzgerald Europe, who will take over at the beginning of August.
During the 16 months to the end of March 2018, WH Ireland posted a loss of £1.6m, compared with a loss of £1.3m for the 12 months to the end of November 2016.
The company saw its assets under management and administration decrease from £2.8bn to £2.5bn because of a deliberate policy to reduce low margin, non-discretionary assets.
Discretionary assets under management meanwhile increased to £1.08bn from £1.01bn.
During the past two years, WH Ireland has been transitioning its private wealth management division to an advice-led, fee-driven model.
Tim Steel, the company's chairman, said: "We have made considerable progress continuing the transformation of WH Ireland.
"However, as we previously stated, this process of change has not been without its challenges given market conditions and the scale of change that we have been implementing; this has resulted in losses being incurred last year - but a much clearer path to profitability is now ahead of us in the new financial year and beyond.
"The board would like to express its thanks to Richard for his significant contribution to the group over the past six years. During this time, he has overseen the key transformational changes that have positioned WH Ireland as a modern and more efficient organisation. We wish him well in the future."
WH Ireland has seen its revenues increase by 7.5 per cent on an annualised basis, reaching £36.4m at the end of March.
There was also an increase in management fee income to £12.2m from £7.6m, as the company switched discretionary assets to a fee-based charging structure.
Advisory assets fell from £783m to £639m while execution-only assets fell from £1.07bn to £844m.
damian.fantato@ft.com
