Charles Stanley sees assets fall despite higher inflows

Charles Stanley sees assets fall despite higher inflows

Charles Stanley Group has recorded net inflows into its discretionary managed funds business of £400m for the nine months to December 2015, helping to bring it total funds under management and administration to £20.8bn.

In its latest trading update covering the nine months from March 31 to December 31 2015, the group acknowledged, however, that total client funds had decreased over the period by 2.3 per cent from £21.3bn.

While inflows into its discretionary managed business were positive, this was slightly offset by net outflows of £300m from its advisory managed business, which combined with negative market movements meant total funds across the two divisions fell 2.4 per cent over the nine months to £12bn.

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Charles Stanley also reported total revenues for the full year were 1.8 per cent lower at £107.2m, compared with the previous year’s figure of £109.2m.

However, compared with the firm’s interim results in November, the picture has improved with total client funds at December 31 2015 slightly higher than the £20bn recorded at the end of September, while total funds in the discretionary and advisory managed business also increased from the £11.2bn three months earlier.

Paul Abberley, chief executive officer, said: “In a period of general decline in market values and lower trading activity in comparison to the same period in 2014/15, trading conditions in the third quarter and into January 2016 have been challenging. Progress continues to be made with the implementation of the group’s turnaround strategy and we remain confident in our long term prospects.”