London-based wealth manager Kingswood has reported a loss of £3.8 million against revenue of £8.8 million for the full-year 2018.

The group said senior management changes, weak investor sentiment and money spent on an acquisition had affected the bottom line.

It had spent £500,000 on costs related to the departure of senior staff, including former chief executive Marianne Ismail and £800,000 on “restructuring the Kingswood platform and [positioning] it for growth”.

Its assets under management also fell from £0.9 billion in 2017 to £0.8 billion at the end of 2018.

The group, which trades as ...