Walker Crips shares dive on profits warning

The Walker Crips Group has seen its shares fall almost 15% after it issued a profits warning following a drop in AUM.

Assets in Walker Crips Asset Management (WCAM) were up 8.1% in the core unit trusts, run by Stephen Bailey and Jan Luthman, in Q4 of last year. However, some non-core offshore mandates saw funds under management fall as their administration was moved in-house. Overall AUM decreased to £612m on 31 December, down from £698m in September and £753m the previous year. The group's shares fell 14.77% to 38.5p in morning trading following the announcement. An interim management statement said: "Despite the increase in core FUM and related fee income, the reduction in overall FUM and th...