Charles Stanley increases total funds by 14%

Charles Stanley’s results for the year ended 31 March revealed a 14 per cent increase in total funds to £20.1bn, up from £17.7bn a year ago.

Discretionary funds increased by 28 per cent to £8.2bn, up from £6.4bn, while revenue increased 17 per cent to £149m, compared with £127.6m a year ago.

Fees hit £90.6m, up 18 per cent on £76.9m at the end of March a year ago yet there was no change in underlying profit before tax for the year, which hit £13.5m.

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Profits stayed steady despite a new Leicester office being opened in October 2013 and the acquisition of Evercore Pan Asset Capital Management Limited in December 2013.

Sir David Howard, chairman of Charles Stanley, said: “The increase in revenue and in our funds under management and administration is very pleasing. But this has been a year of significant cost and investment in our future, which has impacted on our profit.

“This pace of development is likely to continue over the year ahead, but the changes that are in place already should, all things being equal, deliver an improvement in our profitability.

“Nevertheless there are too many uncertainties at this early stage of the year to make any reliable predictions. So once again I approach the future with a degree of caution.”