UK investment manager Charles Stanley saw assets under management dip by 3% in the twelve months to the end of March.

The group said total funds under management were £20.5bn, down from £21.3bn previously amid what it described as “challenging trading conditions” and “volatile markets”.

Global equities experienced a torrid start to the year as investor  concerns over  China’s currency, a possible US recession, falling commodity prices and worries about central bank credibility led to a broad-based sell-off.

Total revenues for the firm, including investment management fees, were down by 5.4% to £141.5m compared to the prior year.

“The focus from management continues to be on the implementation of the group's turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects,” said Paul Abberley, chief executive.

Its corporate finance division was sold in July 2015.

Also Monday, Charles Stanley said that an executive director, Anthony Scott, has resigned with with immediate effect.