UK investment house Charles Stanley suffered a drop in commissions in the second quarter, but managed to keep overall revenues steady thanks to a rise in investment management fees, FastFT reports.
The company has reported overall second-quarter revenues of £37.3m in an interim management statement, up slightly by just under 1 per cent from the same period last year.
Fees from investment management, fund administration and corporate finance advising rose 13 per cent to £24.6m, but that was offset by a 17 per cent decline in commissions to £12.6m.
Funds under management or administration edged up by a net 0.2 per cent to £20.1bn, with inflows into its managed funds offsetting outflows from its fund advisory arm.
In the update, Charles Stanley said: “2014 was a year of significant cost and investment in our future.
“In particular profitability was impacted by the acquisition of teams of investment managers, the continuing roll-out of the direct-to-client web-based service Charles Stanley Direct, and a major programme of upgrading the quality of service of our principal business of discretionary and advisory investment management.
“This investment in our business has continued into the current year and will continue to have an effect on margins.
