Fee-based revenue was £1,634m as Assets Under Management and Administration fell from £608bn to £551.5bn, however gross inflows were up from £75.2bn to £86.2bn.

Keith Skeoch, chief executive, said there was some improvement in the second half.

He said: "We have seen growing momentum in the second half of the year across the business with improved investment performance and flows. We remain on track to deliver targeted synergies and have identified more we can deliver as we continue to reshape the business and sustain resilience.

But he warned: "The outlook for the markets and our industry in 2020 is turbulent with the additional complexity of COVID-19. Importantly we are focused on what we can control, namely delivering for our clients, customers, colleagues and shareholders; diversifying our revenues; investing for the future and maintaining financial discipline."

The firm’s growing Financial Planning division 1825 was rebranded to bring its identity close into line with SLA.

1825 completed two major acquisitions in 2019 of BDO Northern Ireland’s wealth management business and the wealth advisory business of Grant Thornton LLP. These added £1.8bn in assets under advice pushing the total up to £5.7bn.

1825 now has more than 100 Financial Planners and reach across the UK. SLA sees more opportunity for growth, particularly in retirement advice and will develop its “digital retirement advice proposition” this year, it said.

During the year SLA pumped £63.6m into 1825, mainly to fund the acquisitions.