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Wealth manager Rathbone Brothers said its first-half profit more than halved after it experienced greater outflows from its funds.
Pre-tax profit for the six months through June fell to £20.0m, down from £43.7m on-year.
Adjusted profit fell 3.5% to £46.6m.
The company declared an interim dividend of 25p per share, up 4.2% on-year.
Funds under management and administration reached a record £49.2bn at 30 June, up 11.6% from the end of December.
'It has been a busy first half for Rathbones as we successfully migrated our largest acquisition to date, underwent a smooth leadership transition and posted the highest funds under management and administration in our history,' chief executive Paul Stockton said.
'Investment markets look likely to remain volatile in the second half but we retain a cautiously optimistic outlook.'
'The UK wealth industry continues to present positive opportunities for future growth which we will actively pursue.'