Despite this, the fund management group said in a trading statement on Monday it expected adjusted profit for the year to the end of December to be ahead of market expectations.
This will be driven by revenue outperformance and cost control measures, it added.
Ahead of its annual results, the board said the group was cash generative with net balances at the year end rising to £9.9m.
It said the launch of the Acuim UK Multi Cap Income Fund during difficult market conditions was deemed to have been successful, with over £10m in assets attracted in the final quarter.
