Funds under management have declined at the London-listed wealth manager and an executive is departing.

Charles Stanley saw its funds under management and administration fall 4 per cent to £20.5 billion ($29 billion) over the year to the end of March.

Following the sale of the company's corporate finance division in July, revenues dipped 5 per cent year-on-year to £141.5 million. Over the same period, the FTSE 100 declined by 8.8 per cent and the WMA Balanced Portfolio Index dropped by 3.5 per cent.

“Despite the challenging trading conditions and volatile markets experienced during the second half of the financial year, the level of discretionary funds has remained stable and investment management fees have grown marginally,” said chief executive Paul Abberley in a statement on the London Stock Exchange.

“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.”

Abberley took the helm at the end of 2014 and implemented a turnaround strategy to enhance the company's focus on wealth management in the UK and dispose of non-core businesses, including Charles Stanley Securities and Charles Stanley Financial Solutions.

In other news, executive director Anthony Scott is leaving the firm. Scott, who joined in 1999 after a career in the army, was appointed to the board of Charles Stanley & Co in 2012 and to the board of Charles Stanley Group in 2014 as head of investment management. 

“Anthony Scott, an executive director of the company, has given notice of his resignation as a director with immediate effect. It is expected that he will continue in the company's employment for a further period,” Charles Stanley said.