Liontrust Asset Management (LSE:LIO) shares fell to lows last seen almost seven years ago after it reported continued elevated outflows in the past quarter.
Total assets under management declined 4% to £26 billion, with investment performance marginally positive and not enough to offset net outflows of £1.1 billion, a slight deterioration from the preceding quarter.
This means net outflows reached around £2 billion for the first six months of its financial year.
Chief executive John Ions said "speculation and uncertainty around changes to taxation and reliefs in the lead up to the Budget on 30 October ... have impacted investor confidence and fund flows for the whole industry".
He added that Liontrust has strengthened data management, delivery and analysis that "will enhance the reporting and digital services we provide clients, provide significant benefits to our investment management and risk teams, and deliver productivity gains and efficiencies across the business".
"Despite the current difficult period for active managers, Liontrust is well positioned to drive the business forward," he went on.
The shares fell 4.7% in early trade, down to lows seen in early 2018.
Analysts at Peel Hunt said that given the lower level of AUM and "no sign of any improvement in sentiment", they expect to reduce their expectations by around 10% for profits and earnings per share.
The consensus forecast currently stands at £59 million for pe-tax profit and 69p for earnings per share.
"One of the key issues remains the assumption that the dividend remains unchanged at 72p despite being uncovered," said Peel.
"Given the robust balance sheet, we think this remains a reasonable assumption and therefore equates to a yield of around 14%."