Charles Stanley posts growth in discretionary funds

Wealth manager Charles Stanley Group reported a record 4.6 per cent increase in total client funds under management during the last quarter, according to an interim management statement Friday.

Wealth manager Charles Stanley Group reported a record 4.6 per cent increase in total client funds under management during the last quarter, according to an interim management statement Friday.

The company posted £16.36bn as at December 31st, up from £15.64bn in the previous quarter.

Results were driven in part by discretionary managed funds which rose 7.1% to £5.73bn.

Revenue jumped 13.5% to £31.1m in the third quarter of 2012, following a poor performance in the same period the year earlier.

"This is a good result but reflects a comparison with what was a very poor quarter last year. Challenging market conditions and economic uncertainty had depressed financial activities and transaction volumes in the three months to December 2011," the company said.

Business has since turned around as transaction volumes stabilised.

Commission revenue increased 14.1% quarter-on-quarter along with fee income which rose 13.1% year-on-year and represents 61% of revenues.

"This improvement in revenue occurred across all divisions with financial services posting an increase of 14.8% and Charles Stanley Securities an increase of 16.2% compared with the same quarter last year," the company said.

"We anticipate that economic and market conditions will remain uncertain but are confident that our broadly based business mix and financial strength will allow us to continue to produce a creditable performance."

Shares rose 1.70% to 334.59p at 11:30 Friday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Of course bitcoin is a bubble – a bubble you can’t ignore
Bitcoin

Of course bitcoin is a bubble – a bubble you can’t ignore

Bitcoin’s wild ride is being called a bubble by many. And it is, says Dominic Frisby. But that’s not necessarily a bad thing. And it’s a bubble in whi…
13 Jan 2021
A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
I wish I knew what a SPAC was, but I’m too embarrassed to ask
Too embarrassed to ask

I wish I knew what a SPAC was, but I’m too embarrassed to ask

A financial instrument called a “special purpose acquisition company”, or SPAC for short, is growing increasingly popular in the US stockmarkets. But …
12 Jan 2021