Charles Stanley saw its funds under management and administration inch up during the second quarter.
Funds under management and administration increased by 0.4 per cent to £24.1bn during the second quarter, which the company's bosses said was a “reasonable rate of growth” given the “marginally adverse” market conditions.
The company pointed out over the same period the FTSE UK Private Investor Balanced Index fell by 0.3 per cent.
Paul Abberley, chief executive of Charles Stanley, said: “Trading conditions remain stable against the backdrop of a relatively flat market over the first quarter.
“Our strategy remains on track to deliver long term growth in revenues, margins and profits, which in turn will support our progressive dividend policy and thus generate long-term shareholder value.”
Total revenues on a year-to-date basis were up 13.3 per cent to £38.3m.
Excluding EBS Management PLC, the pensions administration business which Charles Stanley sold in May, revenues for the quarter increased by 13.9 per cent to £37.7m.
Charles Stanley bosses stated the growth in its funds under management came from the discretionary fund category, which has a higher margin.
Funds here increased by 3.5 per cent – or £400m – in part due to transfers from lower margin advisory services.
Advisory managed and advisory dealing fund categories fell by £100m each – or 4.2 per cent and 5.6 per cent respectively.
Execution-only fell by 1.2 per cent, also £100m but Charles Stanley Direct saw its funds increase by £2.4bn, or 4.6 per cent.
damian.fantato@ft.com
