UK-listed Liontrust Asset Management, which has made large changes to its management line-up in recent months amid heavy restructuring moves, said the firm’s adjusted pre-tax profit for the year ending 31 March stood at £796,000 (around $1.179 million), down sharply from £14.3 million a year ago.

Profit after tax stood at £1.1 million, down from £8.5 million. Performance fees slumped to £4.3 million from £16.2 million.

Assets under management fell to £1.1 billion from £1.9 billion. At 15 June this year, the AuM figure remained at £1.1 billion, Liontrust said in a statement.

In May, Nigel Legge announced he was standing down as CEO, although he will remain as a consultant to the business until 6 August. He has been succeeded by John Ions. Adrian Collins is now executive chairman, having previously been non-executive chairman. Liontrust has also appointed Chris Edmeades to the board as its chief risk officer.