The London-listed investment manager posted a slump in revenues and managed funds in its latest trading update for the period from 1st April to 31st December 2015.

Charles Stanley's funds under management fell by £300 million ($423 million) to £20.8 billion over 2015 amid “challenging” trading conditions.

In the last nine months of the year, total client funds fell 2.3 per cent. Funds under management dwindled by £400 million due to lost clients and by a further £400 million at the hands of market movement.

Revenues dropped 0.5 per cent over the period to £102.6 million, with total revenues for 2015 down 1.8 per cent year-on-year at £107.2 million. The final three months of the year was particularly disappointing with an 8.4 per cent year-on-year decline in revenues to £31.8 million.

“In a period of general decline in market values and lower trading activity in comparison to the same period in 2014/15, trading conditions in the third quarter and into January 2016 have been challenging,” said chief executive Paul Abberley in the statement on the London Stock Exchange.

“Progress continues to be made with the implementation of the Group's turnaround strategy and we remain confident in our long term prospects.”

The results come shortly after Charles Stanley appointed Jonathan Cunliffe as interim chief investment officer. The CIO role was previously held by Abberley.