FEE INCOME at property fund manager Warren Private Clients fell by over one-third to €3.8 million last year as activity in the sector slowed.

Warren manages property funds which, in turn, own a number of office buildings in Dublin’s International Financial Services Centre (IFSC), including La Touche House, AIB International and Guild House, as well as a number of commercial properties elsewhere in Ireland, Britain and the US.

The company’s income is made up of fees earned from managing these assets on behalf of its clients. Recently-filed accounts show that fee income in the 12 months to November 30th, 2008 fell by 35 per cent to €3.79 million from €5.64 million the previous year.

However, a sharp reduction in administration expenses to €3 million from €5.8 million previously helped profits grow in its 2008 financial year.

It reported profits before tax of €91,377 in 2008, an 80 per cent gain on the previous year’s return of €51,061.

The directors’ report states that, early in 2008, the directors “took a considered policy decision to postpone any acquisitions until the volatility in the Irish and foreign property markets subsided”.

It adds that the directors had decided in the meantime to focus on managing its existing properties for its investors’ benefit. It is understood that the company’s policy has not changed.

The company’s website states that it has €2.3 billion under management.

Kevin Warren, a former partner in accountancy firm PricewaterhouseCoopers and one-time tax inspector, runs the business.

Its other assets include Goldman Sachs’ building on Fleet Street in London and the Cameron Toll shopping centre in Edinburgh.

It also manages a number of properties in New York and Amsterdam. Most of its properties are mature and have tenants. The company’s clients are largely Irish.