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

Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
Share tips of the week – 1 July
Share tips

Share tips of the week – 1 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
1 Jul 2022
Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022
Five dividend stocks to beat inflation
Share tips

Five dividend stocks to beat inflation

During periods of high inflation, dividend stocks tend to do better than the wider market. Here, Rupert Hargreaves pick five dividend stocks for incom…
30 Jun 2022

Most Popular

How to find the best dividend stocks
Income investing

How to find the best dividend stocks

Stocks that pay dividends tend to outperform the market over the long run - as well as providing an income. Here, Rupert Hargreaves explains the best …
28 Jun 2022
Gold has been incredibly boring to own – but that’s no bad thing right now
Gold

Gold has been incredibly boring to own – but that’s no bad thing right now

Stocks, bonds and cryptocurrencies have all seen big falls this year. But gold remains at its one-year average. It may be dull, but it’s doing what it…
29 Jun 2022
What the end of the 1970s bear market can teach today’s investors
Stockmarkets

What the end of the 1970s bear market can teach today’s investors

The 1970s saw the worst bear market Britain has ever seen, with stocks tumbling 70%. Things have changed a lot since then, says Max King. But there ar…
28 Jun 2022