Wesfarmers Limited
(ASX:WES) half owned corporate advisory and funds management group Gresham Partners has dipped into the red in its full year to the end of September.
The $1 million loss follows a profit of $5.5 million last year.
Gresham’s loss in earnings has been attributed to a slump in deal making activity and impairment on private equity fund investment.
Director Charles Graham says the macro-conditions of global uncertainty combined with equity market volatility mean that it’s a period of cautious approach and low levels of activity.
Wesfarmers generated a net profit of $2.1 billion in the 2012 financial year.
