Charles Stanley  

Charles Stanley boosted by shift to higher margin fees

Charles Stanley boosted by shift to higher margin fees

Charles Stanley's funds under management increased by 2.5 per cent in the three months to 31 December to £24.9bn.

Execution-only funds grew faster, up 3.6 per cent, and Paul Abberley, chief executive of Charles Stanley, said the increase was driven by market growth, including the FTSE UK Private Investor Balanced index increasing by 3.6 per cent over the period.

Trading conditions in the final three months of the year were consistent with the performance seen in the first half of the financial year with a continued transition to higher margin fee-based revenues, favourable market conditions and stable cost control, he said.

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He added that the growth was supplemented by a strategy of encouraging clients to upgrade from advisory services as well as new clients, while Charles Stanley Direct was up 6.8 per cent to £2.7bn during the quarter.

Mr Amberley said that total group revenues on a year-to-date basis are up 7.4 per cent, from £104.1m to £111.8m. 

Excluding EBS Management PLC, the pensions administration business which was sold by the group on 31 May 2017, like-for-like revenues from continuing activities increased by 9.1 per cent, from £102m to £111.3m.