WH Ireland announces new boss

The group, which also announced the appointment of Paul Compton as its new chief executive, said investor confidence could take some time to return.

"Current trading across both the wealth management and securities business does reflect the general market malaise and the quietness of the summer months," the company said in a statement.

For the six months to May 31, the company posted pre-tax losses of 518,000, compared with 523,000 a year earlier.

Revenues from continuing operations fell 41.6 per cent to 8.8m during the period, hit by the loss of a large client who provided significant revenue in the prior period.

Administrative expenses decreased by 36.5 per cent to 9.4m.

Total funds under management stood at 1.35bn, up 14.7 per cent from the year-end.

The company, which has an office in Leeds, said Mr Compton joins WH Ireland in September from Toscafund Asset Management, where he served as co-manager for the company's mid-cap fund.

WH Ireland established its Leeds operation when it bought discount brokerage TD Waterhouse's institutional business in January 2006.

Rupert Lowe, chairman of WH Ireland, said: "Whilst it is disappointing to see that the business has continued to make a loss during the period, I am pleased to report that our balance sheet has remained largely intact. This has been due in part to the significant cost reduction measures taken during the past 12 months."