Charles Stanley  

Market returns bolster Charles Stanley assets

Market returns bolster Charles Stanley assets

Charles Stanley's funds under management and administration rose over the first three months of 2019, driven by investment performance.

The company's assets under management reached £24.1bn, a 5.7 per cent increase over the quarter and a 1.3 per cent increase over the year.

Charles Stanley attributed this increase largely to investment performance, which saw pushed up its assets by £1.6bn over the quarter.

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Meanwhile inflows from new clients added £300m and outflows from existing clients or lost clients stood at £600m.

The wealth management company's new client inflows for the year sat at £1.4bn with an annual gain from investment performance of £700m. 

Discretionary funds were up 6.5 per cent for the year - with net inflows of £500m - and advisory managed and advisory dealing decreased by £300m and £100m respectively, a drop Charles Stanley largely attributed to transfers to other service categories. 

Earlier this year the company reported revenue growth of 0.3 per cent for the three months to December 2018, compared with the previous quarter, with a 26.7 per cent increase in revenue from financial planning and a 27.3 per cent increase in revenue from the Charles Stanley Direct platform offsetting declines in other areas.

In January chief executive Paul Abberley said the business was continuing to win new discretionary mandates and deliver strong increases in revenues, despite difficult market conditions. 

Charles Stanley is expected to publish its annual financial results on May 31.