Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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.' 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter