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

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Bank of England hikes key interest rate to 4.25%
UK Economy

Bank of England hikes key interest rate to 4.25%

The Bank of England raised rates by 0.25% following a surprise jump in inflation.
23 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

The Bank of England raised rates to 4.25%, its 11th consecutive increase. Does the base rate have further to go?
23 Mar 2023