Investments  

Charles Stanley investment chief steps down

Charles Stanley investment chief steps down

Charles Stanley’s head of investment management has stepped down from his role as the firm reports a fall in funds under management and administration.

Anthony Scott, who joined the company in 1999, has resigned as executive director with immediate effect.

According to the wealth management firm, he is expected to continue in the company’s employment.

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He was appointed to the board of the Charles Stanley Group as head of investment in April 2014.

Mr Scott previously worked in the army and spent seven years working for the Swire Group.

This news comes as Charles Stanley today (18 April) reported a 3.8 per cent decrease in funds under management and administration, falling to £20.5bn at the end of March from £21.3bn in March 2015.

Total revenues are down by 5.4 per cent to £141.5m at the end of March compared to March in the previous year.

According to the firm, this reflects a decline in the group’s sale of its business activities, particularly the corporate finance division which was sold in July 2015.

Revenues from continuing operations decreased by 3.3 per cent to £136.3m from £140.9m over the same period.

Paul Abberley, chief executive officer, said the level of discretionary funds has remained stable and investment management fees have grown marginally, despite the challenging trading conditions and volatile markets experienced during the second half of the financial year.

He said: “The focus from management continues to be on the implementation of the group’s turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects.”

Last month Charles Stanley’s distribution chief Mark Pittaccio said the firm was looking to target the adviser market.

katherine.denham@ft.com