Investment firm Wilson HTM has reported net losses after tax of $1.6 million in its full-year results for 2013, compared to $7.6 million in 2012.
The company’s wealth management branch, excluding Next Financial, reported a loss before tax of $4.1 million for the year, compared to $0.6 million for the same period last year.
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The group’s funds under management (FUM) increased 8% to $12.2 billion for the year.
Wealth management branch’s advisory revenue, which is generated by portfolios and performance fees, decreased 10%, while FUM on average declined 12%.
The company said wealth management result was partly offset by contribution from the Wilson HTM Priority Funds.
Wilson HTM acting CEO Sandy Grant said the company faced a number of challenges in the 2013 and, in this context, the lower loss for the full year and recording a profit after tax for the second half of the year represents a positive trend.
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By GlobalData"However, the securities business’ performance remained at unsatisfactory levels and steps are being taken to accelerate the return to profitability of this business," Grant said.
"We are currently working to further simplify the business, to reduce costs and broaden the engagement of key staff in leadership activity."
