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Charles Stanley moves towards £25bn on discretionary boost

Charles Stanley moves towards £25bn on discretionary boost

Charles Stanley assets under management moved towards £25 billion on the back of a rise in demand for its discretionary services. 

In a brief trading update, the wealth firm said assets under management rose by 2.5% in the final three months of 2017 to hit £24.9 billion.

Charles Stanley said assets were boosted by 'encouraging' inflow to its higher margin discretionary services, partly driven by clients upgrading from advisory services (£0.2 billion) and from new clients (£0.2 billion).

The bulk of the AUM increase was driven by market growth, with the FTSE UK Private Investor Balanced Index increasing by 3.6% over the same period.

Execution-only funds increased by 3.6% (£0.3 billion), with Charles Stanley Direct 'continuing to outperform', up 6.8% to £2.7 billion during the quarter.

The also revealed revenues rose by 7.4% over the period, which represents the third quarter of its financial year, to stand at £111.8 million. 

Excluding EBS Management, the pensions administration business which was sold by the group on 31 May 2017, like-for-like revenues from continuing activities increased by 9.1%, from £102 million to £111.3 million.

Commenting on the numbers, chief executive Paul Abberley (pictured) said: 'Trading conditions in Q3 were consistent with the performance seen in the first half of the financial year with a continued transition to higher margin fee-based revenues, favourable market conditions and stable cost control.' 

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