The wealth manager attributed the drop to falling markets and a challenging year for investors.

Discretionary funds under management dropped 15% to £8.4bn (2021: £9.7bn).

Gross inflows were £756m, with net discretionary inflows of £160m.

Nearly half of new business (46%) placed with the wealth manager in 2022 came from new clients, a 14% increase from 2020.

Net fees and commission income for JM Finn fell to £75.5m (2021: £79.5), but profits for the year rose 2.7% to £8.5m due to strong cost controls.

Hugo Bedford, CEO at JM Finn, said: “2022 was a challenging year for investors and much of our investment manager focus was on ensuring good, clear and regular communication with our clients through the difficult market conditions that prevailed.

“Despite the fall in market-related revenue, it was good to see that the cost controls we put in place helped protect the firm and that we were able to maintain the strong momentum in new business flows that we built in 2021.”

The wealth management firm relocated its Yorkshire office in March after 20 years in Leeds to York to allow expansion as the team grows. 

It has had a presence in Yorkshire since 2002.

JM Finn is headquartered in London and also has offices in Bristol, Bury St Edmunds and Winchester and offers multi-asset portfolios, discretionary portfolio management, and managed portfolio services to financial advisers.

The firm employs over 80 investment professionals and manages funds of £10.3bn on behalf of over 18,500 clients.